What are Alaska bankruptcy exemptions?

Filing bankruptcy in the state of Alaska entitles the filer to various Alaska banruptcy exemptions based on the type of property in question as well as its value. As with any other state, Alaska offers specific state limitations under which certain property can be considered exempt from the bankruptcy and cannot be used to pay off creditors during the liquidation that typically takes place during a Chapter 7 bankruptcy filing.

What Are Alaska Bankruptcy Exemptions?

Some of the basics of the Alaska bankruptcy exemption laws are listed below. It is important to note that these laws are subject to change. The Alaska bankruptcy exemptions listed below are current as of December 2010.

• Alaska Homestead Exemption: The filer's principal place of residence is considered exempt up to a value of $70,200. If two people, i.e. a married couple, are filing, each may claim a portion as long as the total does not exceed this amount.
• Alaska Vehicle Exemption: An automobile or truck may be considered exempt up to $3,900 in value for one vehicle, provided the vehicle's total resale value does not exceed $26,000.
• Alaska Personal Property Exemption: Alaska allows filers to keep up to $3,900 of personal property exempt from the bankruptcy. “Personal property” may include clothing, household items, books, jewelry, pets, professional tools, health aids, burial plots, and various paid-out benefits.
• Alaska Wage Garnishment Exemption: Any weekly net earnings up to $456 for the sole wage earner can be considered exempt from the bankruptcy. This may vary depending on how often the wage is paid out, and whether cash or liquid assets are involved.

In Alaska, a person filing for bankruptcy has the option to use either the state exemption laws or the federal ones, based on which are most beneficial and applicable to his or her situation. However, only one set of rules must be used and the filer cannot mix and match between them.

A qualified bankruptcy lawyer should be able to determine which set of laws best apply to any particular person. Professional advice can help maximize exemptions and minimize the personal financial impact of the bankruptcy.

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