Hamilton Debt Relief

Bankruptcy Laws

California Bankruptcy Laws & Exemptions

Real property, mobile home, apartment, boat, condominium, or stock cooperative up to $50,000 if filer is single and not disabled; $75,000, if one of the family members does not have a homestead; $150,000 if the filer is $65 or older, or if they are physically or mentally disabled; the same amount applies if the debtor is 55 or older, single, and earning less than $15,000 a month, or married and earning under $20,000.

 

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Arkansas Bankruptcy Laws & Exemptions

Debtors filing for bankruptcy in Arkansas have two options. First, if the filer is married or head of the family, there is an inexhaustible exemption for up to ¼ acre in a city or town on real or personal property if it was used as a residence. It is equivalent to 80 acres elsewhere. However, if the property is from ¼ to 1 acre in a city or town, or 80-160 acres elsewhere, an additional limit of $2500 applies. The homestead cannot exceed one acre if property is in a city or town; in the same way, it also cannot exceed 160 acres elsewhere. Spouses are not permitted to double.

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Alaska Bankruptcy Laws & Exemptions

•    A debtor's homestead property can be exempted for up to a total amount of $675,000

•    Insurance exemptions include: disability benefits; medical, surgical, or hospital benefits; life insurance to a total of $12,500; and fraternal benefit society benefits

•    The Alaska court has also chosen to exclude other possible sources of income from the liquidation of assets, including alimony, child support, liquor licenses, and property belonging to a business partnership.

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