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ABOUT CHAPTER 7
HOW CHAPTER 7 WORKS
THE CHAPTER 7 DISCHARGE
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HOW CHAPTER 13 WORKS
THE CHAPTER 13 DISCHARGE
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FREQUENTLY ASKED QUESTIONS

 
Arkansas bankruptcy exemptions   AR Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All law references are to Arkansas Bankruptcy Code.

ASSET

EXEMPTION

LAW PROVISION

HOMESTEAD
Choose option 1 or 2, NOT BOTH

1.) For head of family: real or personal property used as residence, to an unlimited value; property cannot exceed ¼ acre in city, town, village or 80 acres elsewhere. If property is between ¼ - 1 acre in city, town or village, or 80 - 160 acres elsewhere, to $2,500; no homestead may exceed 1 acre in city, town or village, or 160 acres elsewhere (husband and wife may not double, In re Stevens, 829 F.2d 693 (8th Cir. 1987))

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

MISCELLANEOUS

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 $20,000 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)



Arkansas bankruptcy courts  Arkansas Bankruptcy Courts
See the list below for Bankruptcy Courts by District. Click on the District link to go directly to that Bankruptcy Court's web site.

BANKRUPTCY COURTS NUMBER OF COPIES
District of Arkansas
P.O. Drawer 3777
300 W. 2nd
Little Rock, AR 72201
Telephone: (501) 918-5500

Chapter 7 orig. & 1 copy

If paying filing fees in
installments must be paid
by 341 meeting.

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