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State Economy: 

The largest industry in Alaska continues to be oil and gas.  In fact, nearly 85% of the State budget is funded by revenues from oil and gas production

Bankruptcy Court Locations in Alaska:

Anchorage

U.S. Bankruptcy Court
605 W. 4th Ave, Suite 138
Anchorage, AK 99501
(907) 271-2655
Toll-free (800) 859-8059

Juneau

U.S. Bankruptcy Court
709 W. 9th Ave, Room 979
Juneau, AK 99802
(907) 271-2655
Toll-free (800) 859-8059

Fairbanks

U.S. Bankruptcy Court
101 12th Ave, Room 332
Fairbanks, AK 99701
(907) 456-0349
Toll Free (866)243-3813

Alaska State Exemptions:

You won’t need to worry about losing everything when you file for bankruptcy in Alaska. You’ll be able to exempt (protect) most if not all of your property.

How much and what type of assets you can keep depends on whether your property is on the Alaska exemption list or the list of federal bankruptcy exemptions. You can choose which of the lists you’ll use, but you can’t mix and match individual exemptions from both exemption sets.

Here’s what happens to property you can’t exempt.

  • In Chapter 7, the Chapter 7 trustee can sell it to benefit your creditors.
  • If you file a Chapter 13 case, you won’t lose any property, but you’ll pay its nonexempt value—or your disposable income, whichever is less—to your creditors through your Chapter 13 plan payments over three to five years.

Spouses filing for bankruptcy together in Alaska can double the exemption amount in each category as long as each spouse has an ownership interest in the property. The only exception is that spouses can’t double the homestead exemption.

Some of the more common exemptions available under Alaska law include:

  • Homestead or residential property. Up to $72,900 of equity in your home. You cannot double the homestead exemption. (Alaska Stat. § 09.38.010)
  • Personal property. Apartment or condo owners’ association deposits (Alaska Stat. § 09.38.010); burial plot, necessary health aids, and tuition credits under advance college payment contract (Alaska Stat. § 09.38.015); household goods and clothing, books and instruments, and portraits and heirlooms, up to $4,050 in value (Alaska Stat. § 09.38.020); jewelry up to $1,350 (Alaska Stat. § 9.38.020); professional books and tools of the trade up to $3,780 (Alaska Stat. § 9.38.020); pets up to $1,350.
  • Insurance benefits and proceeds. Unmatured life insurance policies and annuity contracts up to $500,500. (Alaska Stat. § 9.38.025)
  • Lost, damaged, or destroyed exempt property. (Alaska Stat. § 9.38.060)
  • Motor vehicles. $4,050 in equity in your car or another vehicle, as long as the market value of your vehicle is no more than $27,000. (Alaska Stat. § 9.38.0209(e))
  • Pension benefits and domestic support. Teachers, judicial and public employees, and elected officers (Alaska Stat. § 09.38.015); ERISA-qualified benefits (deposited more than 120 days before filing) and medical savings accounts (Alaska Stat. § 09.38.017); pension benefits (Alaska Stat. § 09.38.017); child support distributed via a collection agency (Alaska Stat. § 09.38.015); alimony (to the extent wages are exempt). (Alaska Stat. § 09.38.015)
  • Public benefits. Unemployment compensation, Alaska longevity bonus, prescription drug benefits for senior care, and Alaska benefits for low-income seniors (Alaska Stat. § 9.38.015); workers’ compensation (Alaska Stat. § 23.30.160); general relief assistance (Alaska Stat. § 47.25.210); assistance to blind, elderly and disabled adults. (Alaska Stat. § 47.25.550)
  • Tax-exempt retirement accounts. Including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined-benefit plans (11 U.S.C. § 522(b)(3)(C).) Learn more about retirement accounts in bankruptcy.

Alaska adjusts exemption amounts periodically and additional exemptions exist. Check the updates to the Alaska Administrative Code on the website of the Alaska State Legislature for exemptions and current amounts

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