Alaska Bankruptcy Exemption List
Only State Exemptions Allowed
In the state of Alaska you can not use the federal bankruptcy exemptions but must choose the Alaska Bankruptcy exemptions. There may be certain federal supplemental exemptions you can use. All exemptions should be discussed with your Alaska Bankruptcy Attorney.
Alaska has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Alaska. There may be certain residency requirements to use the State of Alaska Bankruptcy Exemption List.
The following table will outline the Alaska Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption. List updated in 2009. All law references are to Alaska Statutes unless otherwise noted. The following items may be exempted in bankruptcy: 9.38.010, 9.38.015(a), 9.38.017, 9.38.020, 9.38.025, & 9.38.030. In In re McNutt, 87 B.R. 84 (9th Cir. 1988), the Federal Bankruptcy Exemptions were allowed.
| Exemptions |
Exemption Amount |
Statutes |
| Homestead |
$67,500 in principal residence, whether single or multiple owners, but subject
to certain liens; proceeds also exempt located in Alaska for six months. |
09.38.010 |
| Public Benefits |
Alaska longevity bonus, crime victims' compensation and federally exempt public benefits. Prescription drug benefits for senior care. Alaska benefits for low-income seniors. Unemployment compensation.
Workers' compensation.
20% of Permanent Fund dividends (this is income distributed to residents from the state's natural resources).
General relief assistance.
Assistance to blind, elderly and disabled adults: |
9.38.015
23.30.160
43.23.065
47.25.210
47.25.550 |
| Insurance |
Medical and disability benefits.
Life insurance or annuity contracts up to a $12,500.
Fraternal benefit society benefits. |
9.38.015 & 9.38.030
9.38.025
21.84.240 |
| Miscellaneous |
Property of business partnership
Alimony, to the extent wages are exempt
Child support payments made by a collection agency
Liquor licenses
Permits for limited entry into Alaska Fisheries |
9.38.015
9.38.100 |
| Pensions |
Tax exempt retirement accounts; traditional and Roth IRAs up to $1,095,000 per person.
Teachers, judicial & public employees, and elected officers, as to benefits accruing.
ERISA-qualified benefits, if deposited more than 120 days before filing; medical savings accounts.
Payments being received from other pensions. |
11 U.S.C. § 522
9.38.015
9.38.017
9.38.030 |
| Personal Property |
Apartment or condo owners' association deposits.
Burial plot; needed health aids; money held in mortgage escrow accounts after July 1, 2008; and tuition credits under advance college payment contract.
Motor vehicle up to $3,750, if market value is no more than $25,000; pets up to $1,250; jewelry up to $1,250; and household goods, clothing, books, musical instruments, and family portraits and heirlooms up to $3,750.
Personal injury and wrongful death recoveries, to the extent wages are exempt; cash or other liquid assets up to $1,750 or $2,750 for the sole wage earner with some restrictions.
Proceeds from damaged, destroyed or lost exempt property.
Building materials. |
09.38.010
9.38.015
9.38.020
9.38.030
9.38.060
34.35.105 |
| Tools of the Trade |
Implements, books or tools up to $3,500. |
9.38.020 |
| Wages |
Weekly net earnings up to $438, or up to $688 if sole wage earner in a household: If no regular pay, up to $1,750 paid in any month, or $2,750 if sole wage earner in household. |
9.38.030 & 9.38.050 |
| Child Support/Alimony |
Child support if received from a collection agency.
Alimony, to extent wages are exempt. |
9.38.015
9.38.030 |
| Wildcard |
None |
|