Source: https://www.startfreshtoday.com/arkansas-bankruptcy-exemptions/
Timestamp: 2019-01-19 00:02:49
Document Index: 207924935

Matched Legal Cases: ['§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 16', '§ 16', '§ 2', '§ 4', '§ 5', '§ 6', '§ 1', '§ 16', '§ 16', '§ 24', '§ 23', '§ 23', '§ 23', '§ 23', '§ 11', '§ 11', '§ 20', '§ 12', '§ 11', '§ 11', '§ 6331', '§ 23', '§ 23', '§ 23', '§ 23', '§ 23', '§ 23', '§ 23']

Laws which protect a debtor’s property when personal bankruptcy is filed in the state of Arkansas.
Arkansas Constitution: Article 9:
§ 1. Personal property exemptions of persons not heads of families.
§ 2. Heads of families — Exempt personal property.
§ 3. Homestead exemption from legal process — Exceptions.
The homestead of any resident of this State, who is married or the head of a family, shall not be subject to the lien of any judgment or decree of any court, or to sale under execution, or other process thereon, except such as may be rendered for the purchase money, or for specific liens, laborers’ or mechanics’ liens for improving the same, or for taxes, or against executors, administrators, guardians, receivers, attorneys for moneys collected by them, and other trustees of an express trust, for moneys due from them in their fiduciary capacity.
§ 4. Rural homestead — Acreage — Value.
§ 5. Urban homestead — Acreage — Value.
END OF ARKANSAS CONSTITUTION
16-66-207. Exemption — Family or public graveyards.
(a) The clerk and recorder of deeds of the proper county, when any description of the metes and bounds of a family graveyard or public burial place shall be filed in his or her office, shall make a record of the description in the record of deeds, which shall be sufficient to exempt the land or burial place, not only from taxation, but also from execution.
(b) Not more than five (5) acres shall be so exempted under this section.
16-66-208. Exemptions — Wages — Penalty.
(a) (1) The wages of all laborers and mechanics not exceeding their wages for sixty (60) days shall be exempt from seizure by garnishment, or other legal process if the defendant in any case files with the court from which the process is issued a sworn statement that the sixty (60) days’ wages claimed to be exempt is less than the amount exempt to him or her under the Constitution of the state, and that he or she does not own sufficient other personal property which, together with the sixty (60) days’ wages, would exceed in amount the limits of the constitutional exemption.
(2) The party in whose favor the garnishment has been issued, and who asserts that a claim of exemption is invalid in whole or in part, by giving five (5) days’ written notice to the person claiming the exemption, shall be entitled to a hearing before the court or judge issuing the garnishment upon the question of the validity of the claim of exemption. No supersedeas shall be issued for a period of five (5) days after the claim of exemption is made in order to provide time for the party in whose favor the garnishment has been issued to request such hearing. The notice required by this section shall be served by a person authorized to serve a summons under § 16-58-107, and shall be filed in the office of the judge or the clerk issuing the garnishment.
(b) (1) The first twenty-five dollars ($25.00) per week of the net wages of all laborers and mechanics shall be absolutely exempt from garnishment or other legal process without the necessity of the laborer or mechanic filing a schedule of exemptions as provided in subsection (a) of this section.
(2) The term “net wages”, as used in this subsection, shall mean gross wages less the deductions actually withheld by the employer for Arkansas income tax, federal income tax, social security, group retirement, and group hospitalization insurance premiums and group life insurance premiums.
(c) Any officer violating the provisions of this section shall be subject to the fines and penalty mentioned in § 16-66-214.
16-66-209. Exemption — Proceeds of life, health, accident, and disability insurance.
(a) To the extent permitted by the Arkansas Constitution, all moneys paid or payable to any resident of this state under an insurance policy providing for the payment of life, sick, accident, or disability benefits shall be exempt from liability or seizure under judicial process of any court and shall not be subjected to the payment of any debt by contract or otherwise by any writ, order, judgment, or decree of any court.
(b) As used in this section, “moneys” means a payment made under an insurance policy to compensate:
(1) The insured or beneficiary for a claim under the policy; or
(2) The owner, insured, or beneficiary for the cash surrender value of the policy.
(c) Nothing in this section shall be construed to affect the validity of any sale, assignment, mortgage, pledge, or hypothecation of a policy of insurance or the avails, proceeds, or benefits of a policy of insurance.
16-66-210. Homestead Exemption Act.
(a) This section shall be known and may be cited as the “Homestead Exemption Act of 1981”.
(b) The homestead of any resident of this state who is married or the head of a family shall not be subject to the lien of any judgment, or decree of any court, or to sale under execution or other process thereon, except such as may be rendered for the purchase money or for specific liens, laborers’ or mechanics’ liens for improving the homestead, or for taxes, or against executors, administrators, guardians, receivers, attorneys for moneys collected by them, and other trustees of an express trust for moneys due from them, in their fiduciary capacity.
(c) (1) The homestead outside any city, town, or village, owned and occupied as a residence, shall consist of no more than one hundred sixty (160) acres of land, with the improvements thereon, to be selected by the owner. The homestead shall not exceed in value the sum of two thousand five hundred dollars ($2,500), but, in no event shall the homestead be reduced to less than eighty (80) acres, without regard to value.
(2) The homestead in any city, town, or village, owned and occupied as a residence, shall consist of not more than one (1) acre of land, with the improvements thereon, to be selected by the owner. The homestead shall not exceed the sum of two thousand five hundred dollars ($2,500) in value, but in no event shall the homestead be reduced to less than one-quarter (1/4) of an acre of land, without regard to value.
(1) The unmarried debtor’s aggregate interest, not exceeding eight hundred dollars ($800) in value, and the married debtor’s aggregate interest, not exceeding one thousand two hundred fifty dollars ($1,250) in value, in real or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor;
(2) The debtor’s interest, not to exceed one thousand two hundred dollars ($1,200) in one (1) motor vehicle;
(3) The debtor’s aggregate interest in the debtor’s or the debtor’s spouse’s wedding bands, including diamonds mounted thereon not exceeding one-half (1/2) carat in weight;
(4) The debtor’s aggregate interest, not to exceed seven hundred fifty dollars ($750) in value in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.
(1) The personal property of an unmarried person not the head of a family not exceeding a value of two hundred dollars ($200) in addition to such person’s wearing apparel — Arkansas Constitution, Article 9, Section 1;
(2) The personal property of a married person or head of a family not exceeding a value of five hundred dollars ($500) in addition to such person’s wearing apparel — Arkansas Constitution, Article 9, § 2;
(3) Rural homesteads not exceeding one hundred sixty (160) acres of land with improvements thereon, up to two thousand five hundred dollars ($2,500) in value but in no event less than eighty (80) acres without regard to value — Arkansas Constitution, Article 9, § 4;
(4) The urban homestead not exceeding one (1) acre of land with improvements thereon, but not to exceed two thousand five hundred dollars ($2,500) in value, but in no event to be less than one-quarter (1/4) of an acre of land without regard to value — Arkansas Constitution, Article 9, § 5; (5) The rural or urban homestead of a widow or surviving dependent children including the rents and profits from such homestead — Arkansas Constitution, Article 9, § 6;
(6) Sixty (60) days’ wages, not exceeding the limits imposed by the Arkansas Constitution, Article 9, §§ 1 and 2, but in no instance less than twenty-five dollars ($25.00) per week — § 16-66-208;
(7) Proceeds of life, health, accident, and disability insurance — § 16-66-209;
(8) Department of Arkansas State Police retirement benefits — §§ 24-6-202, 24-6-205, 24-6-223;
(9) Stipulated premium insurance benefits — § 23-71-112;
(10) Mutual assessment insurance benefits — § 23-72-114;
(11) Fraternal benefit society benefits — § 23-74-119 [repealed];
(12) Assets of delinquent insurer — § 23-68-120;
(13) Rights to unemployment benefits and benefits received but not mingled with other funds except for debts incurred for necessities furnished during the time of unemployment — §§ 11-10-107 — 11-10-110;
(14) Workers’ compensation benefits — § 11-9-110;
(15) Public welfare assistance grants — § 20-76-430;
6-66-219. Wedding rings exempt.
A person’s wedding ring shall be exempt from attachment, execution, and seizure for satisfaction of debts.
16-90-716. Limitation on reparations — Manner of payment.
(a) (1) Reparations payable to a victim and to all other claimants sustaining economic loss because of injury to or death of that victim may not exceed ten thousand dollars ($10,000).
(2) However, for those victims whose injuries are catastrophic and result in a total and permanent disability, the maximum reparations amount shall not exceed twenty-five thousand dollars ($25,000).
(b) (1) The Crime Victims Reparations Board may provide for the payment to a claimant in a lump sum or in installments. (2) At the request of the claimant, the board may convert future economic loss other than allowable expense to a lump sum, but only upon a finding by the board of either of the following:
(A) That the award in a lump sum will promote the interests of the claimant; or
(B) That the present value of all future economic loss other than allowable expense does not exceed one thousand dollars ($1,000).
(c) If the board determines that the claimant will suffer financial hardship unless an advance award is made, an amount may be paid to the claimant and shall be deducted from the final award or shall be repaid and recoverable from the claimant to the extent that it exceeds the final award.
(d) (1) An award payable in installments for future economic loss may be made only for a period as to which the board can reasonably determine future economic loss.
(2) An award payable in installments for future economic loss may be modified by the board upon its finding that a material and substantial change of circumstances has occurred.
(e) An award shall not be subject to execution, attachment, garnishment, or other process, except that an award for allowable expense shall not be exempt from a claim of a creditor to the extent that the creditor has provided products, services, or accommodations, the costs of which are included in the award.
(f) An assignment by the claimant to any future award under the provisions of this subchapter is unenforceable, except:
(1) An assignment of any award for work loss to assure payment of court-ordered alimony, maintenance, or child support; or
(2) An assignment of any award for allowable expense to the extent that the benefits are for the cost of products, services, or accommodations necessitated by the injury or death on which the claim is based and are provided or are to be provided by the assignee.
11-9-110. Compensation nonassignable, etc., and payable to dependents only — Child support obligations excepted.
(a) The right to compensation shall not be assignable and shall not be subject to garnishment, attachment, levy, execution, or any other legal process, except for child support obligations and moneys retained by the Department of Correction under § 12-30-406(a)(1).
(c) (1) On or after June 30, 1993, the Workers’ Compensation Commission shall forward monthly a computer tape listing the name, address, and social security number, if available, on all persons for whom the commission has established a file during the preceding month to the Office of Child Support Enforcement of the Revenue Division of the Department of Finance and Administration. The computer tape shall also include the name of the workers’ compensation carrier and the name of the employer.
(f) Any amount withheld pursuant to the provisions of this section shall for all purposes be treated as if it were paid to the employee as workers’ compensation and paid by the employee to the person or agency to whom the obligation is payable.
(g) For purposes of this section, “child support obligations” is defined as only those support obligations which are contained in a decree or order of the circuit court which provides for the payment of money for the support and care of any child or children.
11-10-109. Protection of rights and benefits — Assignment, pledge, or encumbrance of benefits prohibited.
(a) Except as elsewhere provided in this section and § 11-10-110, any assignment, pledge, or encumbrance of any right to benefits which are or may become due or payable under this chapter shall be void.
(d) Any waiver of any exemption provided for in this section and § 11-10-110 shall be void.
(e) Benefits shall be subject to tax levies issued by the Internal Revenue Service in accordance with 26 U.S.C. § 6331(h) provided that an agreement is entered into between the Internal Revenue Service and the Arkansas Employment Security Department and approved by the United States Department of Labor that provides for the payment of all administrative costs associated with processing the tax levies.
23-40-117. Trust funds — Exemption from attachment, etc.
(a) All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment, garnishment, execution, and claims of creditors, receivers, or trustees in bankruptcy. The trust fund shall not be seized, taken, appropriated, or applied to pay any debt or liability of the seller by any legal or equitable process or by operation of law.
(b) The seller shall notify the Insurance Commissioner within ten (10) days upon the filing of bankruptcy or upon becoming insolvent. Upon receipt of notification, the commissioner shall notify the trustee of the trust fund, and all income earned after that date shall be held in trust by the trustee and disbursed only upon the direction of the commissioner.
§ 23-71-112. Benefits not subject to attachment.
§ 23-72-114. Benefits not subject to attachment.
No money or other benefits to be paid, provided, or rendered by any insurer, not to exceed one thousand dollars ($1,000), shall be liable to attachment, garnishment, or other process, or be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of any member or beneficiary, or any other person who may have a right thereunder, either before or after payment.
§ 23-74-403. Benefits not attachable.
No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society, shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary, or any other person who may have a right thereunder, either before or after payment by the society.
§ 23-79-131. Exemption of proceeds — Life insurance.
(a) (1) If a policy of insurance is effected by any person on his or her own life or on another life in favor of a person other than himself or herself or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to the person, the lawful beneficiary or assignee of the policy, other than the insured or the person effecting the insurance or executors or administrators of the insured or the person effecting the insurance, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and those of the person effecting the policy whether or not the right to change the beneficiary is reserved or permitted and whether or not the policy is made payable to the person whose life is insured, if the beneficiary or assignee shall predecease such a person.
(2) However, subject to the statute of limitations, the amount of any premiums for the insurance paid with intent to defraud creditors, including interest thereon, shall enure to their benefit from the proceeds of the policy, but the insurer issuing the policy shall be discharged of all liability thereof by payment of its proceeds in accordance with its terms unless, before the payment, the insurer shall have written notice at its home office, by or in behalf of a creditor, of a claim to recover for transfer made or premiums paid with intent to defraud creditors, with specifications of the amount so claimed.
(b) For the purposes of subsection (a) of this section, a policy shall also be deemed to be payable to a person other than the insured if, and to the extent that, a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by the clause.
23-79-132. Exemption of proceeds — Group life.
(b) This section shall not apply to group life insurance issued pursuant to § 23-83-106 to a creditor covering his or her debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
§ 23-79-133. Exemption of proceeds — Accident and health insurance.
The proceeds or avails of all contracts of accident and health insurance and of provisions providing benefits on account of the insured’s disability that are supplemental to life insurance or annuity contracts shall be exempt from all liability for any debt of the insured and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use.
§ 23-79-134. Exemption of proceeds — Annuity contracts — Assignability of rights.
(c) An “annuity contract” within the meaning of this section shall be any obligation to pay certain sums at stated times, during life or lives, or for a specified term or terms, issued for a valuable consideration, regardless of whether or not the sums are payable to one (1) or more persons jointly or otherwise, but does not include payments under life insurance contracts at stated times during life or lives or for a specified term or terms.
(d) A “variable annuity” contract within the meaning of this section shall be any obligation to pay sums at stated times, during life or lives, or for a specified term or terms, issued for a valuable consideration, regardless of whether or not the sums are payable to one (1) or more persons jointly or otherwise, where the sums payable vary directly according to investment experience with respect to the variable annuity contract, but does not include annuity contracts or payments under life insurance contracts at stated times during life or lives, or for a specified term or terms.
24-6-205. Correction of errors.
(a) Should any change or error in the records of the State Police Retirement System or the Department of Arkansas State Police result in any person’s receiving from the system more or less than he would have been entitled to receive had the records been correct, the Board of Trustees of the State Police Retirement System shall correct the error and, as far as is practicable, shall adjust the payment in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid.
(b) The board shall have the right to recover any overpayment any person may have received from funds of the system.
24-6-223. Interest in fund not transferable or subject to legal process.
(b) Should a member be covered by a group insurance or prepayment plan participated in by the Department of Arkansas State Police and should he be permitted to, and elect to, continue the coverage as a retirant, nothing contained in this section shall prevent the board, upon the member’s written request, from deducting from his pension the payments required of him to continue coverage under the group insurance or prepayment plan.
24-7-715. Benefit rights not subject to legal process.
(c) (1) If, under the provisions of subsection (b) of this section, there is created a court order which directs payment of all, or a portion of, a person’s accumulated contributions, the payment shall be made by the system to the court.
(3) If the payment is not redeposited, then any system annuity otherwise payable to, or on behalf of, the person shall be reduced in the proportion that the payment bears to the person’s accumulated contributions before the payment.
24-10-616. Subjection of benefit rights to legal process.
24-11-417. Subjection of fund to legal process.
24-11-814. Subjection of fund to legal process.
,br> (b) The fund shall be sacredly held, kept, and distributed for the purpose of pensioning the persons named in this act and for no other purpose whatever.
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Arkansas bankruptcy court statutes.
Back to State of Arkansas exemption summary