Arkansas Bankruptcy Exemptions
Are you worried about losing your home, car, or other assets?
Call a Jonesboro Bankruptcy Attorney!
Are you thinking of filing for
bankruptcy but don't want to lose your home, car or other important property?
The first thing to do is enlist legal help from an experienced Jonesboro
bankruptcy attorney to answer all your questions. No doubt you are under
a lot of stress if filing for bankruptcy is being considered, and the
anxiety and financial problems can make it more difficult to make sound
At DeLoache Law Office, we have been successfully helping clients just
like you for 24 years, guiding them through the maze so they can have
a brighter future. Attorney Mike DeLoache concentrates his practice on
bankruptcy and credit restoration, so you can rest assured that you would
receive 100% support and guidance from our firm while we work to help
you receive a fresh financial start.
How Bankruptcy Exemptions Work
Exemptions have a dollar ceiling. You will be able to keep any property
you have that qualifies for exemption under
Chapter 7 bankruptcy unless that asset or property exceeds this dollar amount. For example,
a motor vehicle is exempted up to $1200. If your car has a higher value
than $1200, the trustee may require the vehicle be sold and pay you $1200.
Every point can be negotiated with the bankruptcy court and the creditors,
and many people retain their vehicles and simply keep paying the payments
after filing. Your case is unique and you can be confident that at our
firm we will do everything possible to help you avoid losing your assets
when you file for bankruptcy.
Homestead—amount is unlimited if the rural property does not exceed 80 acres.
If the acreage is 81-160 acres, the exemption is held to $2,500. For an
urban property no larger than ¼ acre, the exemption is unlimited,
and the exemption is $2500 if the urban property is ¼ to 1 acre.
Personal property— there is a $500 personal property exemption for a married person
or the head of the household and a $200 exemption for unmarried or not
head of the household persons. Apparel has an unlimited exemption. The
Federal Bankruptcy exemptions are allowed.