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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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HOMESTEAD
Choose option 1 or 2, NOT BOTH |
Rural homestead: up to 160 acres not to exceed $2500 value; and homestead
is no less than 80 acres without regard to value (husband and wife
may not double, In re Stevens, 829
F.2d 693 (8th Cir. 1987))
Urban homestead: up to 1 acre not to exceed $2500 value; and homestead
is no less than 1/4 acre without regard to value |
Constitution
9-3, 9-4, 9-5;
16-66-210,
16-66-218(b)(3), (4)
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2.) Real or personal property used as residence, to $800 if single;
$1,250 if married
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16-66-218(a)(1)
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INSURANCE
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Annuity contract
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23-79-134
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Disability benefits
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23-79-133
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Fraternal benefit society benefits
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23-74-403
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Group life insurance
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23-79-132
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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).)
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16-66-209
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Life insurance proceeds if clause prohibits proceeds from being used
to pay beneficiary’s creditors
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23-79-131
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Life insurance proceeds or avails if beneficiary isn’t the insured
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23-79-131
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Mutual assessment life or disability benefits to $1,000
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23-79-114
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Stipulated insurance premiums
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23-71-112
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MISC.
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Property of business partnership
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4-42-502
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PENSIONS
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Disabled firefighters
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24-11-814
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Disabled police officers
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24-11-417
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Firefighters
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24-10-616
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IRA deposits to $20,000b if deposited over 1 year before filing
bankruptcy
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16-66-218(b)(16)
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Police officers
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24-10-616
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School employees
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24-7-715
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State police officers
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24-6-202, 24-6-205, 24-6-223
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PERSONAL PROPERTY
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Burial plot to 5 acres, in lieu of homestead option 2
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16-66-207, 16-66-218(a)(1)
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Clothing
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Constitution 9-1, 9-2
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Motor vehicle to $1,200
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16-66-218(a)(2)
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Wedding bands; any diamond can’t exceed ½ carat
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16-66-218(a)(3)
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PUBLIC BENEFITS
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Aid to blind, aged, disabled, AFDC
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20-76-430
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Crime victim’s compensation unless seeking to discharge debt for
treatment of injury incurred during the crime
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16-90-716(e)
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Unemployment compensation
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11-10-109
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Workers’ compensation
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11-9-110
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TOOLS OF TRADE
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Implements, books and tools of trade to $750
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16-66-218(a)(4)
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WAGES
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Earned but unpaid wages due for 60 days; in no event under $25 per
week
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16-66-208, 16-66-218(b)(6)
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WILD CARD
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$500 of any personal property if married or head of family; else $200
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Constitution 9-1, 9-2;
16-66-218(b)(1), (2)
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