Alaska State Bankruptcy Exemptions

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Alaska State Bankruptcy Exemptions

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Alaska State Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE. All law references are to Alaska Code.
ASSET	EXEMPTION	LAW PROVISION
HOMESTEAD	$54,000 in principal residence, whether single or multiple owners, but subject to certain liens; proceeds also exempt located in Alaska for 6 months.
INSURANCE	Disability benefits Fraternal benefit society benefits Insurance proceeds for personal injury, to extent wages exempt (bankruptcy judge may authorize a greater amount Insurance proceeds for wrongful death, to extent wages are exempt. Life insurance annuity or contract loan value to $10,000 Life insurance proceeds if beneficiary is insured's spouse or dependent, to extent wages exempt Medical, surgical or hospital benefits
MISCELLANEOUS	Property of business partnership Alimony, to the extent wages are exempt Child support payments made by a collection agency Liquor licenses Permits for limited entry into Alaska Fisheries
PENSIONS	Judicial employees (only benefits building up) Teachers (only benefits building up) ERISA qualified benefits deposited more than 120 days before filing bankruptcy Public employees (only benefits building up) Other pensions to extent wages exempt (only payments being received)
PERSONAL PROPERTY	Books, musical instruments, clothing, family portraits, household goods & heirlooms to $3,000 total Building materials Burial Plot Health Aids needed Jewelry to $1000 Motor vehicle to $3,000; vehicle's market value can't exceed $20,000 Personal injury recoveries, to extent wages exempt Pets to $1,000 Proceeds for lost, damaged or destroyed exempt property Wrongful death recoveries to extent wages exempt
PUBLIC BENEFITS	Adult assistance to the elderly, blind, disabled AFDC Alaska longevity bonus Crime victims' compensation Federally exempt public benefits paid or due General relief assistance 45% of permanent fund dividends Tuition credits under an advance college tuition payment contract Unemployment compensation Worker's Compensation
TOOLS OF TRADE	Implements, books & tools of trade to $2,800
WAGES	Weekly net earnings to $350; for sole wage earner in a household, $550; if you don't receive weekly, monthly or semi-monthly pay, can claim $1400 in cash or liquid assets paid in any month; for sole wage earner in household, $2,200
WILD CARD	NONE

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