Alaska Bankruptcy Exemption Worksheet

ALASKA BANKRUPTCY EXEMPTION WORKSHEET

DEBTOR INFORMATION

SECTION 1 — EXEMPTION ELECTION (CRITICAL)

Alaska is NOT a true opt-out state. Per AS § 09.38.055 and the Alaska Bankruptcy Court's Schedule C effective April 1, 2025, an Alaska bankruptcy debtor may elect EITHER:

• Alaska state exemptions (limited in bankruptcy to AS §§ 09.38.010, 09.38.015, 09.38.017, 09.38.020, 09.38.025, and 09.38.030), OR
• Federal exemptions under 11 U.S.C. § 522(d).

A debtor may not combine the two schemes. Joint debtors must elect the same scheme. 11 U.S.C. § 522(b)(1).

Election

☐ Debtor elects Alaska state exemptions (AS § 09.38 series)
☐ Debtor elects federal exemptions (11 U.S.C. § 522(d))

Reason for election: [________________________________________________________________]

Joint Filing Caveat — Alaska Homestead Not Doubled

Spouses filing jointly under the Alaska scheme are entitled to a single state homestead exemption split between them. AS § 09.38.010; Alaska Bankruptcy Court Schedule C n.1. By contrast, the federal homestead is doubled for joint filers under 11 U.S.C. § 522(m).

If the debtor is married and the spouse does not join, the debtor may claim only one-half (1/2) of the Alaska homestead. The same one-half limit applies to an unmarried debtor who owns the residence jointly with another individual.

SECTION 2 — ALASKA STATE EXEMPTIONS WORKSHEET

2.1 Homestead — AS § 09.38.010

AS § 09.38.010(a) limits the homestead exemption to the debtor's interest in property "used as the principal residence of the individual or the dependents of the individual." The aggregate value across multiple homestead exemptions in a single living unit may not exceed the indexed cap.

2.2 Personal Property with Value Limits — AS § 09.38.020

2.3 Property Exempt Without Limitation — AS § 09.38.015

Permanent Fund Dividend (PFD) — Unique to Alaska. The PFD is exempt only to the extent allowed under AS § 43.23.140, which the Alaska Bankruptcy Court summarizes on Schedule C as approximately 20% of the dividend (with the remainder subject to statutory deductions in favor of certain creditors under AS § 43.23.065). The PFD is not treated as a "liquid asset" under AS § 09.38.030(b). If the debtor's filing date precedes the date the PFD becomes payable, the PFD is property of the estate to the extent of its non-exempt portion. See In re Brown and progeny in the District of Alaska.

PFD details:

2.4 Retirement and Pension Plans — AS § 09.38.017

AS § 09.38.017 exempts retirement plans from creditor process without dollar limit, including IRAs. ERISA-qualified plans are typically excluded from the estate altogether under Patterson v. Shumate, 504 U.S. 753 (1992), and need not be claimed exempt. Non-ERISA plans (most IRAs) must be affirmatively claimed under § 09.38.017.

2.5 Life Insurance and Annuity Contracts — AS § 09.38.025

Alaska state exemption cap (AS § 09.38.025(a)): $500,500 in unmatured life insurance and annuity contracts. This is materially greater than the federal § 522(d)(8) cap of $16,850.

2.6 Earnings and Liquid Assets — AS § 09.38.030; AS § 09.38.050

2.7 Wildcard

There is NO Alaska state wildcard exemption. A debtor electing the Alaska scheme cannot use a wildcard. (Compare the federal scheme: 11 U.S.C. § 522(d)(5) provides $1,675 plus up to $15,800 of unused homestead, for a maximum of $17,475.)

2.8 Alaska State Scheme Total

SECTION 3 — FEDERAL EXEMPTIONS WORKSHEET (11 U.S.C. § 522(d))

| TOTAL FEDERAL EXEMPTIONS | $[____] |

SECTION 4 — SIDE-BY-SIDE COMPARISON

SECTION 5 — RESIDENCY AND DOMICILE ANALYSIS

SECTION 6 — TRUSTEE OBJECTION RISK CHECKLIST

☐ Are all exemption claims supported by a documented FMV (appraisal, KBB, comparables)?
☐ Are PFD applications, payments, and statutory deduction histories disclosed?
☐ Is the homestead "principal residence" — not seasonal, vacation, or investment?
☐ For tools-of-trade claims, has the debtor identified the trade and inventoried the items?
☐ For "reasonably necessary" claims (alimony, support, public benefits, life insurance proceeds), is the budget on Schedule J consistent?
☐ For IRAs, are statements (most recent quarterly) attached?
☐ For ERISA plans, is the plan identified as ERISA-qualified and excluded rather than claimed exempt?
☐ For vehicles, does the FMV come in below the $27,000 ceiling? (If not, no Alaska § 09.38.020(e) exemption applies.)
☐ For joint debtors electing Alaska scheme, has the homestead been reported as a single, undoubled amount?
☐ Has the debtor avoided commingling exempt and non-exempt funds in the 90 days pre-petition?

SECTION 7 — DEBTOR CERTIFICATION

I, [________________________________], declare under penalty of perjury under the laws of the United States and the State of Alaska that the foregoing inventory and exemption claims are true and correct to the best of my knowledge after diligent inquiry, and that the values stated reflect a good-faith estimate of the fair market value of each asset as of the petition date.

Counsel Acknowledgment

I have reviewed this worksheet with the debtor, advised the debtor of the consequences of selecting the Alaska state versus federal exemption scheme, and discussed the residency / domicile thresholds under 11 U.S.C. § 522(b)(3) and § 522(p).

SOURCES AND REFERENCES

• Alaska Statutes Title 9, Chapter 38 — Alaska Exemptions Act: https://www.akleg.gov/basis/statutes.asp#09.38
• Alaska Bankruptcy Court — Exemptions (Schedule C) for Alaska Bankruptcy Cases (effective April 1, 2025): https://www.akb.uscourts.gov/exemptions-schedule-c-alaska-bankruptcy-cases-0
• 8 AAC 95.030 — Adjusted exemption amounts: https://www.law.cornell.edu/regulations/alaska/8-AAC-95.030
• AS § 09.38.010 (Homestead): https://law.justia.com/codes/alaska/title-9/chapter-38/section-09-38-010/
• AS § 09.38.015 (Property exempt without limitation): https://law.justia.com/codes/alaska/title-9/chapter-38/section-09-38-015/
• AS § 09.38.020 (Personal property with value limits): https://law.justia.com/codes/alaska/title-9/chapter-38/section-09-38-020/
• AS § 09.38.030 (Earnings and liquid assets): https://law.justia.com/codes/alaska/title-9/chapter-38/section-09-38-030/
• AS § 09.38.055 (Bankruptcy proceedings): https://law.justia.com/codes/alaska/title-9/chapter-38/section-09-38-055/
• AS § 43.23.140 (PFD exemption cross-reference): https://www.akleg.gov/basis/statutes.asp#43.23.140
• 11 U.S.C. § 522 — Federal exemptions: https://www.law.cornell.edu/uscode/text/11/522
• Alaska Court System Form CIV-530 (Earnings exemption): https://public.courts.alaska.gov/web/forms/docs/civ-530.pdf
• Alaska Court System Form CIV-536 (Personal property exemptions): https://public.courts.alaska.gov/web/forms/docs/civ-536.pdf