ASSET

EXEMPTION

LAW PROVISION

HOMESTEAD

Choose option 1 or 2, NOT BOTH

1.) For head of family: real or personal property used as residence, to an unlimited value; property cannot exceed ¼ acre in city, town, village or 80 acres elsewhere. If property is between ¼ - 1 acre in city, town or village, or 80 - 160 acres elsewhere, to $2,500; no homestead may exceed 1 acre in city, town or village, or 160 acres elsewhere (husband and wife may not double, In re Stevens, 829 F.2d 693 (8^th Cir. 1987))

Constitution

9-3, 9-4, 9-5;

16-66-210,

16-66-218(b)(3), (4)

2.) Real or personal property used as residence, to $800 if single; $1,250 if married

16-66-218(a)(1)

INSURANCE

Annuity contract

23-79-134

Disability benefits

23-79-133

Fraternal benefit society benefits

23-74-403

Group life insurance

23-79-132

Life, health, accident or disability cash value or proceed paid or due (limited to the $500 exemption provided by §§ 9-1 and 9-2 of the Arkansas Constitution, In re Holt, 97 B.R. 997 (W.D. Ark. 1988).)

16-66-209

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors

23-79-131

Life insurance proceeds or avails if beneficiary isn’t the insured

23-79-131

Mutual assessment life or disability benefits to $1,000

23-79-114

Stipulated insurance premiums

23-71-112

MISCELLANEOUS

Property of business partnership

4-42-502

PENSIONS 

Disabled firefighters

24-11-814

Disabled police officers

24-11-417

Firefighters

24-10-616

IRA deposits to $20,000b if deposited over 1 year before filing bankruptcy

16-66-218(b)(16)

Police officers

24-10-616

School employees

24-7-715

State police officers

24-6-202, 24-6-205, 24-6-223

PERSONAL PROPERTY

Burial plot to 5 acres, in lieu of homestead option 2

16-66-207, 16-66-218(a)(1)

Clothing

Constitution 9-1, 9-2

Motor vehicle to $1,200

16-66-218(a)(2)

Wedding bands; any diamond can’t exceed ½ carat

16-66-218(a)(3)

PUBLIC BENEFITS

Aid to blind, aged, disabled, AFDC

20-76-430

Crime victim’s compensation unless seeking to discharge debt for treatment of injury incurred during the crime

16-90-716(e)

Unemployment compensation

11-10-109

Workers’ compensation

11-9-110

TOOLS OF TRADE

Implements, books and tools of trade to $750

16-66-218(a)(4)

WAGES

Earned but unpaid wages due for 60 days; in no event under $25 per week

16-66-208, 16-66-218(b)(6)

WILD CARD

$500 of any personal property if married or head of family; else $200

Constitution 9-1, 9-2;

16-66-218(b)(1), (2)