Arkansas Bankruptcy Exemptions

This list of exemptions updated December 2009. All law references are to Arkansas Code unless otherwise noted. Federal bankruptcy exemptions are allowed in Arkansas - Compare these Arkansas state bankruptcy exemptions with the Federal bankruptcy exemptions.

Homestead (Choose A or B, NOT both)

A. 16-66-210 - Head of family may claim: Real or personal property used as a residence; unlimited exemption up to 1/4 acre in a city, town, or village; or up to 80 acres elsewhere. If between 1/4 and 1 acre in city, etc., or 80 to 160 acres elsewhere, amount of exemption is limited to $2,500. No homestead may exceed 1 acre in city, etc., or 160 acres elsewhere.

B. 16-66-218 - Real or personal property used as a residence, up to $800 if single or $1,250 if married.

Personal Property

16-66-218 - Motor vehicle up to $1,200.

16-66-219 - Wedding rings.

16-66-207 - Burial plot up to 5 acres, provided you don't use homestead exemption in section 16-66-218.

Arkansas Constitution 9-1, 9-2 - Clothing of unlimited value.

23-40-117 - Prepaid funeral trusts.

Wages

16-66-208 - Earned but unpaid wages due for 60 days, but in not less than $25 per week.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.

16-66-218 - IRA deposits up to $20,000 if deposited over 1 year before filing for bankruptcy.

24-6-223 - State police officers.

24-7-715 - School employees.

24-10-616 - Police officers and firefighters.

24-11-417 - Disabled police officers.

24-11-814 - Disabled firefighters.

Public Benefits

11-9-110 - Workers' compensation.

11-10-109 - Unemployment compensation.

16-90-716 - Crime victims' compensation.

Tools of Trade

16-66-218 - Tools, books and implements of trade to $750.

Insurance

16-66-209 - Life, health, accident or disability proceeds, whether paid or due (case law limits to $500).

23-71-112 - Stipulated insurance premiums.

23-72-114 - Mutual assessment life or disability benefits up to $1,000.

23-74-403 - Fraternal benefit society benefits.

23-79-131 - Life insurance proceeds if beneficiary isn't the insured; life insurance proceeds if policy prohibits proceeds from being used to pay benefi ciarys creditors.

23-79-132 - Group life insurance.

23-79-133 - Disability benefits.

23-79-134 - Annuity contract.

Misc.

16-66-218 - If married or head of household, $500 of any personal property; If single, $200.

Other - Add any applicable Federal Nonbankruptcy Exemptions