Arkansas State Exemption List
Under Arkansas bankruptcy law you can use the exemptions found in the United States bankruptcy code (11 U.S.C. § 522(d)) or the Arkansas State exemptions outlined in Arkansas bankruptcy law.
In Arkansas, there are certain federal exemptions that can be used in addition to the Arkansas state exemptions. There are also several supplemental federal exemptions that may also be used if you choose the state exemptions these exemptions relate to retirement benefits, Survivor’s benefits and death and disability benefits. It is important to discuss your exemptions with an Arkansas Bankruptcy Attorney.
The exemption list below outlines the Arkansas State exemptions. These exemptions are for personal property and assets that are excluded from the Arkansas bankruptcy petition, allowing you to have enough assets to start over financially. Unsecured creditors will not be able to claim these assets. Not all property or personal assets will match an exemption.
There may be rules concerning the allowable Arkansas exemptions if you have not lived in the state of Arkansas for the previous two years prior to filing bankruptcy. It is important to discuss all your concerns and questions about exemptions with an Arkansas Bankruptcy Lawyer prior to filing personal bankruptcy in Arkansas.
| Exemptions | Exemption Amount | Statutes |
|---|---|---|
Homestead |
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 |
| 2.) Real or personal property used as residence, to $800 if single; $1,250 if married | 16-66-218(a)(1) | |
| Miscellaneous | Property of business partnership | 4-42-502 |
| 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 | |
| Pensions | Stipulated insurance premiums | 23-71-112 |
| 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 | |
| WAGES | Earned but unpaid wages due for 60 days; in no event under $25 per week | 16-66-208, 16-66-218(b)(6) |
| TOOLS OF TRADE | Implements, books and tools of trade to $750 | 16-66-218(a)(4) |
| 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) |
Failure to pay certain non-exempt debts such as mortgage payments, deeds of trust, or tax liens may result in continued collection efforts from creditors. Certain debts will not be discharged by filing bankruptcy in the state of Arkansas.
