Judgment Execution and Bankruptcy in Arkansas
Your Arkansas attorney can and will advise you regarding the court judgment exemptions in the state Arkansas. Your attorney will tell you there are some things the creditor cannot “take” by way of execution of a judgment. There is an extensive list of these items in the Arkansas state statutes. By enactment of laws exempting certain property from court judgment execution the State Legislature is trying to assure that a judgment debtor cannot be made completely destitute.
Moreover, the United States Federal Bankruptcy Code provides exemptions as to what can be taken from the debtor. The idea for these exemptions is the same as that regarding the exemption of certain items from execution under a court judgment. The following is list of property exempted under the Bankruptcy provisions of the state of Arkansas:
Property:
Married or head of household—unlimited exemption of real or personal property
Used as a residence to ¼ acre in city or town, otherwise up to 80 acres.
Motor Vehicles up to $1,200.00
Singles real or personal property up to $800.00
Clothing
Wedding rings
Tools of trade, books, implements up to $700.00
Intangible Property:
Annuity contract
Disability benefits
Fraternal benefit society benefits
Group insurance
Life, health, accident, or disability cash value or proceeds to $500.00
Life insurance benefits if policy prohibits use for paying creditors
Life insurance proceeds if beneficiary isn’t insured
Mutual assessment life or disability benefits to $1,000.00
Stipulated insurance premiums
Pensions:
Disabled firefighters and police officers
Firefighters
IRA deposits to $20,000 if deposited over 1 year before filing bankruptcy
Police officers
School employees
State police officers
Others:
Crime victims’ compensation
Unemployment compensation
Workers compensation
Bankruptcy Courts:
U.S. Bankruptcy Court
P.O. Box 3777
Little Rock, AR 72201
(501) 918-5660
Federal Building
35 E. Mountain Street
Fayetteville, AR 72702
(479) 582-9800
Get more information about debt relief and debt help in Arkansas
a. Debt Settlement And Debt Relief
c. Judgment Execution And Bankruptcy
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