It is a common misconception among potential bankruptcy filers that, when they file for Chapter 7 Bankruptcy, Creditors are going to swarm to their homes to take all of their property in satisfaction of debt. This misconception could be no further from the truth. In fact, 99.9% of a debtors’ property is untouchable by any Creditors or the Bankruptcy Trustee due to the application of exemptions. As of the writing of this article, the following types of property and their respective values are allowed to be exempted under 11 U.S.C. § 522:

Property Exemptions Allowed Amount Allowed

•Alimony and Child Support (both past and future) owed to you No Limit 

•Retirement Accounts No Limit 

•Crime Victims’ Compensation No Limit 

•Disability, Illness or Unemployment No Limit 

•Health Aids No Limit 

•Household Goods and Furnishings $ 11,525.00 

•Jewelry $ 1,450.00 

•Life Insurance No Limit 

•Life Insurance with Loan $11,525.00 

•Lost Earnings Compensation No Limit 

•Motor Vehicle $3,450.00 

•Pensions No Limit 

•Personal Injury Compensation $21,625.00 

•Real Property or Personal Property used as a residence $21,625.00 

•Tenancy by the Entirety No Limit 

•Tools of the Trade $ 2,175.00 

•Veterans’ Benefits No Limit 

•Wildcard Exemption (Exempts Anything) $1,150.00 plus up to $10,825.00 of unused Real Property Exemption 

•Wrongful Death Payments No Limit 

Keep in mind that, when you are valuing your property to satisfy the exemptions as listed above, the property is valued as if you were to sell it at a garage sale or to a pawn shop, except for real property and motor vehicles. Using “Garage Sale” values, it is easy to give exemption protection to all of a your property. The most common instance where the amounts available for exemptions run out is when a debtor has a large amount of equity built up in their home, which causes the Wildcard Exemption to be very small.

In conclusion, and to answer the question presented above, if your property fits into the exemptions listed above, it stays exactly where it was before you filed for Chapter 7 Bankruptcy and will remain there until you decide to depart with it.

FROM DEBT

TO RELIEF

OFFICE HOURS

Our office is open 8:30 to 5:00 Monday through Friday.

CONTACT INFORMATION

Arkansas Bankruptcy Associates, PLLC, offers evening and weekend appointments to our clients by request.

You can also contact us via e-mail or by filling out our online form.

Arkansas Bankruptcy Associates, PLLC is located at 8114 Cantrell Road, Suite 100, Little Rock, AR 72227, which is in Little Rock near the intersection of Cantrell Road and Foxcroft Road.

We represent clients in Little Rock, North Little Rock, Pulaski County, Benton, Bryant, Saline County Conway, Faulkner County, Cabot, Maumelle, Lonoke County, Sherwood, Otter Creek, Lonoke, Beebe, Searcy, Morrilton, Conway County, Mabelvale, Alma, Arkadelphia, Arkansas City, Ash Flat, Ashdown, Atkins, Augusta, Bald Knob, Barling, Barton, Batesville, Bauxite, Bearden, Beaver, Bee Branch, Bella Vista, Bentonville, Berryville, Bigelow, Biggers, Bismarck, Black Oak, Black Rock, Bluff City, Blytheville, Boles, Bono, Bonnerdale, Booneville, Boxley, Bradley, Branch, Brinkley, Brookland, Bruno, Buffalo City, Bull Shoals, Burlington, Canehill, Calico Rock, Camden, Carlisle, Carolan, Cave City, Centerton, Charleston, Cherokee Village, Clarendon, Clarksville, Clinton, Compton, Corning, Cotter, Crossett, Curtis, Cotton Plant, Cushman, Danville, Dardanelle, De Queen, De Witt, Decatur, Delaplaine, Dermott, Des Arc, Diamond City, Diaz, Donaldson, Dover, Dumas, Egypt, Elaine, El Dorado, Eudora, Eureka Springs, Evening Shade, Fayetteville, Fairfield Bay, Faircloth, Farmington, Fifty-Six, Fisher, Flippin, Floral, Fordyce, Forrest City, Fort Smith, Fountain Lake, Fouke, Friendship, Gassville, Gentry, Gosnell, Gravette, Greenbrier, Greenwood, Guion, Gurdon, Guy, Hamburg, Hampton, Hardy, Harrison, Heber Springs, Helena, Highland, Holly Mountain, Hope, Hot Springs, Horatio, Hoxie, Jacksonville, Jersey, Jonesboro, Keo, Kibler, Lake Village, Lake City, Lakeview, Lavaca, Leachville, Lead Hill, Leola, Leslie, Lincoln, Lockesburg, London, Lonsdale, Lowell, Madison, Magazine, Magnolia, Malvern, Mammoth Spring, Mansfield, Marianna, Marion, Marked Tree, Marmaduke, Marshall, Marvell, Mayflower, McGehee, Melbourne, Mena, Monticello, Morning Star, Mount George, Mount Holly, Mount Ida, Mountain Home, Mountain View, Mountainburg, Nashville, Natural Steps, Newport, Norfork, Nob Hill, Ola, Omaha, Osceola, Ozark, Palestine, Paragould, Paris, Pea Ridge, Peach Orchard, Perry, Perryville, Pfeiffer, Piggott, Pine Bluff, Pindall, Pocahontas, Poyen, Pottsville, Prairie Grove, Prescott, Pyatt, Quitman, Ravenden, Rector, Reed, Reno, Rocky, Rogers, Roland, Romance, Russellville, Salem, Scranton, Sedgwick, Sheridan, Shirley, Sidney, Siloam Springs, Smackover, Springdale, St. Joe, Stamps, Star City, Stuttgart, Subiaco, Sulphur Springs, Texarkana, Trumann, Tuckerman, Van Buren, Vilonia, Viola, Waldenburg, Waldron, Walnut Ridge, Warren, Weiner, West Fork, West Helena, West Memphis, White Hall, Wilton, Winslow, Wright, Wynne, Yellville, Arkansas County, Ashley County, Baxter County, Benton County, Boone County, Bradley County, Calhoun County, Carroll County, Chicot County, Clark County, Clay County, Cleburne County, Cleveland County, Columbia County, Craighead County, Crawford County, Crittenden County, Cross County, Dallas County, Desha County, Drew County, Franklin County, Fulton County, Garland County, Grant County, Greene County, Hempstead County, Hot Spring County, Howard County, Independence County, Izard County, Jackson County, Jefferson County, Johnson County, Lafayette County, Lawrence County, Lee County, Lincoln County, Little River County, Logan County, Madison County, Marion County, Miller County, Mississippi County, Monroe County, Montgomery County, Nevada County, Newton County, Ouachita County, Perry County, Phillips County, Pike County, Poinsett County, Polk County, Pope County, Prairie County, Randolph County, Scott County, Searcy County, Sebastian County, Sevier County, Sharp County, St. Francis County, Stone County, Union County, Van Buren County, Washington County, White County, Woodruff County, Yell County, and any other surrounding city or town.

WE ARE A DEBT RELIEF AGENCY AS DESIGNATED BY THE UNITED STATES BANKRUPTCY CODE. WE HELP PEOPLE FILE FOR RELIEF UNDER THE UNITED STATES BANKRUPTCY CODE.

Telephone: (501) 313-4972

E-mail: Click Here

Online Consult: Click Here

Consultations available via Skype, Facetime and Zoom.

INFORMATION:

8114 Cantrell Road

Suite 100

Little Rock, AR 72227

Donald K. Campbell, III

Kendel W. Grooms

Parker L. Spaulding