Alaska, AK Bankruptcy Exemptions

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The Essential Alaska Bankruptcy Information Guide

Alaska, AK Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All law references are to Alaska Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Up to $67,500	09.38.010
INSURANCE	Disability benefits	9.38.015 & 9.38.030
	Fraternal benefit society benefits	21.84.240
	Life insurance or annuity contracts up to $12,500	9.38.025
	Medical, surgical or hospital benefits	9.38.015 & 9.38.030
MISCELLANEOUS	Property of business partnership	9.38.100
	Liquor licenses	9.38.015
	Child support if received from a collection agency.	9.38.015
	Alimony, to extent wages are exempt.	9.38.030
PENSIONS	Judicial employees (only benefits building up)	9.38.015
	Teachers (only benefits building up)	9.38.015
	ERISA qualified benefits deposited more than 120 days before filing bankruptcy	9.38.017
	Public employees (only benefits building up)	9.38.015
	Other pensions to extent wages exempt (only payments being received)	9.38.030
	Roth & Traditional IRAs up to $1,095,000 per person, medical savings accounts.	11 U.S.C. § 522 & 09.38.017
	Tax exempt retirement accounts	11 U.S.C. § 522
PERSONAL PROPERTY	Household goods, clothing, books, musical instruments, and family portraits and heirlooms up to $3,750	9.38.020
	Building materials	34.35.105
	Burial Plot	9.38.015
	Health Aids needed	9.38.015
	Jewelry up to $1,250	9.38.020
	Motor vehicle to $3,000; vehicle's market value can't exceed $20,000	9.38.020
	Personal injury recoveries, to extent wages exempt	9.38.030
	Pets to $1,250	9.38.020
	Proceeds for lost, damaged or destroyed exempt property	9.38.060
	Wrongful death recoveries to extent wages exempt	9.38.030
	Apartment or condo owners' association deposits.	9.38.010
	Tuition credits under advance college payment contract	9.38.015
PUBLIC BENEFITS	Adult assistance to the elderly, blind, disabled	47.25.550
	AFDC	47.25.395
	Alaska longevity bonus	9.38.015
	Crime victims' compensation	9.38.015
	Federally exempt public benefits paid or due	9.38.015
	General relief assistance	47.25.210
	20% of Permanent Fund dividends (this is income distributed to residents from the state's natural resources)	43.23.065
	Unemployment compensation	23.20.405
	Worker's Compensation	23.30.160
	Prescription drug benefits for senior care	9.38.015
TOOLS OF TRADE	Implements, books & tools of trade to $3,500	9.38.020
WAGES	Weekly net earnings up to $438, or up to $688 if sole wage earner in a household: If no regular pay, up to $1,750 paid in any month, or $2,750 if sole wage earner in household.	9.38.030 & 9.38.050
WILD CARD	NONE

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BANKRUPTCY RESOURCES

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Alaska, AK Bankruptcy Exemptions

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

HOMESTEAD

Up to $67,500

09.38.010

INSURANCE

Disability benefits

9.38.015 & 9.38.030

Fraternal benefit society benefits

21.84.240

Life insurance or annuity contracts up to $12,500

9.38.025

Medical, surgical or hospital benefits

9.38.015 & 9.38.030

MISCELLANEOUS

Property of business partnership

9.38.100

Liquor licenses

9.38.015

Child support if received from a collection agency.

9.38.015

Alimony, to extent wages are exempt.

9.38.030

PENSIONS

Judicial employees (only benefits building up)

9.38.015

Teachers (only benefits building up)

9.38.015

ERISA qualified benefits deposited more than 120 days before filing bankruptcy

9.38.017

Public employees (only benefits building up)

9.38.015

Other pensions to extent wages exempt (only payments being received)

9.38.030

Roth & Traditional IRAs up to $1,095,000 per person, medical savings accounts.

11 U.S.C. § 522 & 09.38.017

Tax exempt retirement accounts

11 U.S.C. § 522

PERSONAL PROPERTY

Household goods, clothing, books, musical instruments, and family portraits and heirlooms up to $3,750

9.38.020

Building materials

34.35.105

Burial Plot

9.38.015

Health Aids needed

9.38.015

Jewelry up to $1,250

9.38.020

Motor vehicle to $3,000; vehicle's market value can't exceed $20,000

9.38.020

Personal injury recoveries, to extent wages exempt

9.38.030

Pets to $1,250

9.38.020

Proceeds for lost, damaged or destroyed exempt property

9.38.060

Wrongful death recoveries to extent wages exempt

9.38.030

Apartment or condo owners' association deposits.

9.38.010

Tuition credits under advance college payment contract

9.38.015

PUBLIC BENEFITS

Adult assistance to the elderly, blind, disabled

47.25.550

AFDC

47.25.395

Alaska longevity bonus

9.38.015

Crime victims' compensation

9.38.015

Federally exempt public benefits paid or due

9.38.015

General relief assistance

47.25.210

20% of Permanent Fund dividends (this is income distributed to residents from the state's natural resources)

43.23.065