If you file for Chapter 7 Bankruptcy in Arkansas, what property can you keep?
In Arkansas, you can use either the Federal or State Bankruptcy exemptions. If you choose to use the state exemptions, you can keep the following property:
– A rural homestead up to 80 acres regardless of value or urban homestead not to exceed 1/4 acre regardless of value.
– Annuity contract
– Disability benefits
– Life Insurance
– IRA deposits up to $20,000
– Pensions of firefighter, police, and school employees
– Burial plot
– Motor Vehicle up to $1,200
– Wedding rings
– Tools of the trade up to $750
– $500 of any personal property (wild card).
The federal exemptions differ on quite a few of these areas. For example they offer a bigger motor vehicle and wild card exemption but limit the amount of equity you can keep in your home (still a substantial amount).
If you are considering filing for Bankruptcy, contact Kevin A. Watts, Attorney at Law to make sure you file it right and keep all of the property you are entitled to keep.
Kevin A. Watts, Attorney at Law
218 N. Terry St.
Wynne, AR 72396