Running Your Business
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Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Arkansas.
Homestead: A debtor must choose either option 1 or 2.
Pensions and Retirement Benefits: Retirement plans for firefighters, police officers and school employees. IRA exemptions for deposits of $20,000, if deposited more than one year prior to filing. Roth IRAs and regular IRAs up to $1,095,000 per person.
Insurance: Annuity contract. Disability benefits. Fraternal society benefits. Group life insurance. Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors. Life insurance proceeds or avails if beneficiary isn't the insured. Life, health, accident or disability cash value or proceeds paid or due (limited to the $500 exemption provided by section 9-1 and 9-2 of the Arkansas Constitution). Mutual assessments life or disability benefits to $1,000. Stipulated insurance premiums.
Personal Property: Burial plot to 5 acres. Clothing. Motor vehicle to $1,200. Wedding bands; any diamond can't exceed 1/2-carat.
Tools of Trade: Implements/books/tools up to $750.
Miscellaneous: Business partnership property.
Wages: 60 days' earned but unpaid wages if debtor's personal property plus such wages do not exceed constitutional maximum exemption. Minimum of $25 per week exempt.
Public Benefits: Unemployment compensation. Workers' Compensation. Aid to blind, aged, disabled. AFDC. Crime victim's compensation unless seeking to discharge debt for treatment of injury incurred during the crime.
Wild Card: $500 of any personal property if married or head of family; or else $200.