Arkansas State Economy:This state’s most important crop is rice. Arkansas is the leading producer of rice in the United States, providing about 46% of the nation’s supply. Arkansas grows lots of soybeans and ranks 10th in the nation. Cotton, corn for grain, and wheat round out Arkansas’s most valuable five crops. Key industries: Agriculture, Transportation & Logistics, Food Manufacturing, paper and timber products, Aerospace.
Bankruptcy Court Locations:
U.S. Bankruptcy Court
300 W. 2nd Street
Little Rock, AR 72201
Arkansas State Exemptions:
Arkansas Homestead Exemption
You have two options when it comes to protecting homestead or residential property. You can choose system A or B. but not both.
- A: Unlimited amount of equity in 80 rural acres or one-quarter urban acre. If the land isn’t worth $2,500, you can increase the acreage up to 160 rural acres and one urban acre, up to a total equity value of $2,500 in value.
- B: Real or personal property used as a residence up to $800 if single or $1,250 if married. (Ark. Const. Art. 9 §§ 3, 4, 5, 6; Ark. Code Ann. §§ 16-66-210, 212, 218).
Arkansas Motor Vehicle Exemption
You can protect the equity in a motor vehicle up to $1,200 (Ark. Code Ann. § 16-66-218.)
Arkansas Wildcard Exemption
You can protect any property of your choosing up to $500 if you’re married or the head of the family, or $200 otherwise (Ark. Const. § 9-1, 9-2.)
Other Arkansas Bankruptcy Exemptions
- Personal property. All clothing; a single person who is not the head of the family can keep $200 worth of any other type of property. The amount increases up to $500 for a married person or head of the family. (Ark. Const. Art. 9 §§ 1 and 2, Ark. Code Ann. § 16-66-218; tools needed in your trade or profession up to $750 (Ark. Code Ann. § 16-66-218); wedding bands (Ark. Code Ann. §§ 16-66-218, 219); life, health, and disability insurance payments (Ark. Code Ann. § 16-66-209); pension or retirement account up to $20,000 (Ark. Code Ann. § 16-66-220).
- 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.
- Public benefits. Workers’ compensation (Ark. Code Ann. § 11-9-110); unemployment compensation (Ark. Code Ann. § 11-10-109); crime victims’ compensation (Ark. Code Ann. § 16-90-716).
- Tools of the trade. Implements and books used in your profession up to $750 (Ark. Code Ann. § 16-66-218(a)(4).