Arkansas 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; of 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. Also, $500 of any personal property, if married
or head of household; $200 if single.
Personal Property (also see 16-66-218 under the homestead section above)
16-66-218 - Motor vehicle up to $1,200, and wedding bands provided that any
diamonds can't exceed 1/2 carat.
16-66-207 - Burial plot up to 5 acres, provided you don't use homestead
exemption in section 16-66-218.
Arkansas Constitution - Clothing of unlimited value; and any personal
property of up to $500 if married or head of family, or $200 otherwise.
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, unless you are seeking to discharge
a debt for treatment of an injury incurred during the crime.
20-76-430 - AFDC, and aid to blind, aged or disabled.
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
beneficiaries creditors.
23-79-132 - Group life insurance.
23-79-133 - Disability benefits.
23-79-134 - Annuity contract.
Misc.
4-42-502 - Business partnership property.