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.
Resources:
United States Bankruptcy Court, Eastern District of Arkansas
United States Bankruptcy Court, Western District of Arkansas
| Arkansas Bankruptcy Exemptions | |||||||||||
| Assets | Exemption | State Statute | |||||||||
| 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) | |||||||||
| 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) | ||||||||||
| Insurance | Life, disability, health, or accident cash value/proceeds: up to $500 paid or due. | Constitution 9-1, 9-2; 16-66-209 | |||||||||
| Stipulated insurance premiums: all. | 23-71-112 | ||||||||||
| Benefits from mutual assessment or disability insurance: up to $1,000. | 23-72-114 | ||||||||||
| Benefits from a fraternal benefit society: all. | 23-74-403 | ||||||||||
| Life insurance proceeds/avails: all if the beneficiary is different from the insured. | 23-79-131 | ||||||||||
| Life insurance proceeds: all if there is a clause prohibiting proceeds from being used to pay the creditors of the beneficiary. | 23-79-131 | ||||||||||
| Group life insurance: all. | 23-79-132 | ||||||||||
| Disability benefits: all. | 23-79-133 | ||||||||||
| Annuity contract: all. | 23-79-134 | ||||||||||
| Pensions | Federal pension exemptions. | ||||||||||
| Deposits in IRA: up to $20,000 if deposited more than a year before filing for bankruptcy. | 16-66-218(b)(16) | ||||||||||
| State police officer pension: all. | 24-6-205; 24-6-223 | ||||||||||
| School employee pensions: all. | 24-7-715 | ||||||||||
| Firefighter pensions: all. | 24-10-616 | ||||||||||
| Police officer pensions: all. | 24-10-616 | ||||||||||
| Disabled police officer pension: all. | 24-11-417 | ||||||||||
| Disabled firefighter pension: all. | 24-11-814 | ||||||||||
| Personal Property | Clothing: all. | Constitution 9-1, 9-2 | |||||||||
| Burial plot: up to 5 acres for debtors choosing homestead exemption option 2. | 16-66-207; 16-66-218(a)(1) | ||||||||||
| Motor vehicle: up to $1,200. | 16-66-218(a)(2) | ||||||||||
| Wedding rings: all. | 16-66-219 | ||||||||||
| Prepaid funeral trusts: all. | 23-40-117 | ||||||||||
| Public Benefits | Workers' compensation benefits: all. | 11-9-110 | |||||||||
| Unemployment benefits: all. | 11-10-109 | ||||||||||
| Crime victims' compensation benefits: all. | 16-90-716(e) | ||||||||||
| Tools of Your Trade | Tools of trade, including implements and books: up to $750. | 16-66-218(a)(4) | |||||||||
| 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) | |||||||||
| 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) | |||||||||