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Arkansas Bankruptcy Exemptions

Federal Supplemental Exemptions can be used in conjunction with your Arkansas exemptions and can be viewed here.

In Arkansas, you may choose to use the Federal Exemption set instead of your state exemptions.

You may also want to visit your local federal bankruptcy court web site:

Also see Arkansas bankruptcy forms.

 

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

HOMESTEAD

Choose option 1 or 2, NOT BOTH

Rural homestead: up to 160 acres not to exceed $2500 value; and homestead is no less than 80 acres without regard to value (husband and wife may not double, In re Stevens, 829 F.2d 693 (8th Cir. 1987))

Urban homestead: up to 1 acre not to exceed $2500 value; and homestead is no less than 1/4 acre without regard to value

Constitution

9-3, 9-4, 9-5;

16-66-210,

16-66-218(b)(3), (4)

 

 

2.) Real or personal property used as residence, to $800 if single; $1,250 if married

16-66-218(a)(1)

INSURANCE

Annuity contract

23-79-134

 

Disability benefits

23-79-133

 

Fraternal benefit society benefits

23-74-403

 

Group life insurance

23-79-132

 

Life, health, accident or disability cash value or proceed paid or due (limited to the $500 exemption provided by §§ 9-1 and 9-2 of the Arkansas Constitution, In re Holt, 97 B.R. 997 (W.D. Ark. 1988).)

 

16-66-209

 

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors

23-79-131

 

Life insurance proceeds or avails if beneficiary isn’t the insured

23-79-131

 

Mutual assessment life or disability benefits to $1,000

23-79-114

 

Stipulated insurance premiums

23-71-112

MISC.

Property of business partnership

4-42-502

PENSIONS 

 

Disabled firefighters

24-11-814

 

Disabled police officers

24-11-417

 

Firefighters

24-10-616

 

IRA deposits to $20,000b if deposited over 1 year before filing bankruptcy

16-66-218(b)(16)

 

Police officers

24-10-616

 

School employees

24-7-715

 

State police officers

24-6-202, 24-6-205, 24-6-223

PERSONAL PROPERTY

Burial plot to 5 acres, in lieu of homestead option 2

16-66-207, 16-66-218(a)(1)

 

Clothing

Constitution 9-1, 9-2

 

Motor vehicle to $1,200

16-66-218(a)(2)

 

Wedding bands; any diamond can’t exceed ½ carat

16-66-218(a)(3)

PUBLIC BENEFITS

Aid to blind, aged, disabled, AFDC

20-76-430

 

Crime victim’s compensation unless seeking to discharge debt for treatment of injury incurred during the crime

16-90-716(e)

 

Unemployment compensation

11-10-109

 

Workers’ compensation

11-9-110

TOOLS OF TRADE

Implements, books and tools of trade to $750

16-66-218(a)(4)

WAGES

Earned but unpaid wages due for 60 days; in no event under $25 per week

16-66-208, 16-66-218(b)(6)

WILD CARD

$500 of any personal property if married or head of family; else $200

Constitution 9-1, 9-2;

16-66-218(b)(1), (2)