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| UNITED STATES BANKRUPTCY COURTS | ||||||
| State Of Alaska Exemptions Are Illustrated Below Courts |
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| Alaska District Court | ||||||
| Exemptions:
Alaska Exemptions Act: In general, a debtor may claim exemption of his homestead and certain personal property
from attachment or execution of a An individual is entitled to exemption as a homestead of the individual's interest in property in the State of Alaska used as the principal residence of the individual or the dependents of the individual, but the value of the homestead exemption may not exceed $54,000. (Section 09.38.010(a).) If property owned by the entirety or in common is used by one or more individual owners or their dependents as their principal residence, each owner is entitled to a homestead exemption of that owner's interest in the property as provided above but the aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed $54,000. (Section 09.38.010(b).) Under the Alaska Exemptions Act, certain personal property may be exempt without limitation in value (Section 09.38.015) and others may be exempt up to a limited value (Section 09.38.020). Some of the personal property exemptions which are exempt without limitations in value include a burial plot, health aids reasonably necessary to enable the individual or a dependent to work or to sustain health, benefits paid or payable for medical, surgical, or hospital care to the extent they are or will be used to pay for the care; awards for crime victims under Section 18.67, longevity bonus under Section 47.45, compensation or benefits paid or payable and exempt under federal law, tuition credits under an advance college tuition payment contract authorized under AS 14.40.809 (a); a permanent fund dividend to the extent allowed under Section 43.23.065. Personal property exemption which are subject to a limiation in value include household goods and wearing apparel, books and musical instruments; and family portraits and heirlooms of particular sentimental value up to an aggregate value of $3,000; jewelry not exceeding $1,000 in aggregate value; professional books and tools of trade not exceeding $2,800 in aggregate value; pets to the extent the value does not exceed $1,000; and one motor vehicle to the extent of a value not exceeding $3,000 if the full value of the motor vehicle does not exceed $20,000. (Section 09.38.020.) Other exemptions may include retirement plan benefits, unmatured life insurance and annuity contracts with a loan value of less than $10,000. In a proceeding under 11 U.S.C. (Bankruptcy), the State of Alaska permits only those exemptions prescribed under Sections 09.38.010, 09.38.015(a), 09.38.017, 09.38.020, 09.38.025 and 09.38.030 of the Alaska Statutes. (Section 09.38.055.) See Chapter 38 Alaska Exemptions Act |
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