The Arkansas homestead exemption has 2 options. The first is similar to other state homestead exemptions, while the second is more like the federal exemption.
The references to Arkansas statutes are to the Arkansas Code Annotated.
| Arkansas Bankruptcy Exemptions |
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| Assets |
Exemption |
State Statute |
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| Homestead |
Option 1: For a married person or head of a family, real or personal
property used as a residence: up to $2,500 in value and a maximum 1 acre in a
city, town, or village or 160 acres elsewhere, but in no case smaller than
1/4 acre in a city, town, or village or 80 acres elsewhere, regardless of
value. |
Constitution 9-3, 9-4, 9-5; 16-66-210;16-66-218(b)(3), (4) |
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Option 2: real or personal property used as residence: up to $800 for a
single person; up to $1,250 for a married couple. |
16-66-218(a)(1) |
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| Insurance |
Life, disability, health, or accident cash value/proceeds: up to $500
paid or due. |
Constitution 9-1, 9-2; 16-66-209 |
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Stipulated insurance premiums: all. |
23-71-112 |
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Benefits from mutual assessment or disability insurance: up to $1,000. |
23-72-114 |
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Benefits from a fraternal benefit society: all. |
23-74-403 |
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Life insurance proceeds/avails: all if the beneficiary is different from
the insured. |
23-79-131 |
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Life insurance proceeds: all if there is a clause prohibiting proceeds
from being used to pay the creditors of the beneficiary. |
23-79-131 |
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Group life insurance: all. |
23-79-132 |
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Disability benefits: all. |
23-79-133 |
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Annuity contract: all. |
23-79-134 |
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| Pensions |
Federal pension exemptions. |
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Deposits in IRA: up to $20,000 if deposited more than a year before
filing for bankruptcy. |
16-66-218(b)(16) |
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State police officer pension: all. |
24-6-205; 24-6-223 |
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School employee pensions: all. |
24-7-715 |
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Firefighter pensions: all. |
24-10-616 |
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Police officer pensions: all. |
24-10-616 |
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Disabled police officer pension: all. |
24-11-417 |
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Disabled firefighter pension: all. |
24-11-814 |
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| Personal Property |
Clothing: all. |
Constitution 9-1, 9-2 |
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Burial plot: up to 5 acres for debtors choosing homestead exemption
option 2. |
16-66-207; 16-66-218(a)(1) |
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Motor vehicle: up to $1,200. |
16-66-218(a)(2) |
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Wedding rings: all. |
16-66-219 |
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Prepaid funeral trusts: all. |
23-40-117 |
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| Public Benefits |
Workers' compensation benefits: all. |
11-9-110 |
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Unemployment benefits: all. |
11-10-109 |
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Crime victims' compensation benefits: all. |
16-90-716(e) |
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| Tools of Your Trade |
Tools of trade, including implements and books: up to $750. |
16-66-218(a)(4) |
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| Wages |
Wages that have been earned but not yet paid: all for 60 days, but debtor
can exempt at least $25 per week. |
16-66-208; 16-66-218(b)(6) |
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| Wildcard |
Any personal property: up to $200 for a single person, up to $500 for
married person or head of household. |
Constitution 9-1, 9-2; 16-66-218(b)(1),(2) |
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