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| UNITED STATES BANKRUPTCY COURTS | ||||||
| State Of Arkansas | ||||||
| Exemptions Are Illustrated Below Courts | ||||||
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| Exemptions:
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The standard exemptions are provided under the Constitution of Arkansas. The homestead of any resident of the State of Arkansas, who is married or the head of a family, are exempt from any lien of judgment, decree of any court, or to sale under exectuion or other process thereon, except for obligations that are for the purchase money or specific liens against the homestead, laborer's or mechanic's liens for improvement thereof, or for taxes. If the homestead, which is the residence of the debtor, is located in any city, town or village, it is limited to one acre of land with improvements thereon, and shall not exceed in value the sum of $2,500. If the homestead is located outside any city, town or village, it may not exceed one hundred and sixty acres of land, with the improvements thereon, and shall not exceed in value the sum of $2,500. (Ark. Const. Art. IX, Sec. 3 & 4; 16-66-210.) Personal property exemption permitted under the Arkansas Constitution include the wearing apparels of the debtor and his family. If a debtor is not married, he may select certain personal property, up to the sum of $200, to be exempt from aany process for the collection of a debt founded on a contract. The exemption amount is increased to $500 if the debtor is married or the head of a family. (Ark. Const. Art. IX, Sec. 1 & 2.) |
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