Arkansas Bankruptcy Exemption Worksheet (State vs. Federal Election)
Arkansas Bankruptcy Exemption Worksheet
Election of State or Federal Exemptions
Debtor: [_________________________________________________]
Spouse / Joint Debtor (if any): [_________________________________________________]
Bankruptcy Case No.: [____________________]
Chapter: ☐ 7 ☐ 11 ☐ 13
Filing District: ☐ U.S. Bankruptcy Court, Eastern District of Arkansas ☐ U.S. Bankruptcy Court, Western District of Arkansas
Petition Date: [__/__/____]
Worksheet Prepared By: [_________________________________________________]
Date Prepared: [__/__/____]
Section 1 — Domicile and Eligibility for Arkansas Exemptions
| Domicile Question | Answer |
|---|---|
| Has debtor been domiciled in Arkansas for the entire 730 days before petition date? | ☐ Yes ☐ No |
| If No, where was debtor domiciled during the 180 days before that 730-day period? | [____________________] |
| Has any pre-petition transfer been made within 10 years that may be subject to § 522(o)? | ☐ Yes ☐ No |
| Has Arkansas real-property homestead been acquired within 1,215 days? (§ 522(p) cap of $214,000 applies) | ☐ Yes ☐ No |
| Any judgment, restraining order, or felony conviction triggering § 522(q) cap? | ☐ Yes ☐ No |
Section 2 — Side-by-Side Election Comparison
2.A — Arkansas State Exemption Scheme (§ 16-66-217 election)
| # | Asset Category | Arkansas Citation | Statutory Cap | FMV on Schedule A/B | Liens/Encumbrances | Equity at Risk | Equity Exempt |
|---|---|---|---|---|---|---|---|
| 1 | Homestead — rural (≤ 80 acres minimum / 160 acres max) | Ark. Const. art. 9, § 4; Ark. Code § 16-66-210 | Unlimited value within minimum acreage | $[__________] | $[__________] | $[__________] | $[__________] |
| 2 | Homestead — urban (≤ ¼ acre minimum / 1 acre max) | Ark. Const. art. 9, § 5; Ark. Code § 16-66-210 | Unlimited value within minimum acreage | $[__________] | $[__________] | $[__________] | $[__________] |
| 3 | Residence/burial-plot (in lieu of homestead) — single | § 16-66-218(b)(1) | $800 | $[__________] | $[__________] | $[__________] | $[__________] |
| 4 | Residence/burial-plot (in lieu of homestead) — married | § 16-66-218(b)(1) | $1,250 | $[__________] | $[__________] | $[__________] | $[__________] |
| 5 | Motor vehicle (one) | § 16-66-218(a)(2) | $1,200 | $[__________] | $[__________] | $[__________] | $[__________] |
| 6 | Wedding bands (diamonds ≤ ½ ct.) | § 16-66-218(a)(1) | Unlimited | $[__________] | $[__________] | $[__________] | $[__________] |
| 7 | Implements, professional books, tools of trade | § 16-66-218(a)(3) | $750 | $[__________] | $[__________] | $[__________] | $[__________] |
| 8 | Wearing apparel | Ark. Const. art. 9, § 1; § 16-66-218 | Unlimited | $[__________] | $[__________] | $[__________] | $[__________] |
| 9 | Health aids | § 16-66-218(b)(7) | Unlimited | $[__________] | $[__________] | $[__________] | $[__________] |
| 10 | Wages — earned but unpaid (75% of disposable / minimum $217.50/wk) | § 16-66-208; 15 U.S.C. § 1673 | 75% disposable | $[__________] | n/a | $[__________] | $[__________] |
| 11 | Unemployment compensation | § 11-10-109 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 12 | Workers' compensation | § 11-9-110 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 13 | Public assistance / TEA / SNAP | § 20-76-430 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 14 | Crime victim's compensation | § 16-90-716 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 15 | Veterans' benefits | 38 U.S.C. § 5301 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 16 | Social Security benefits | 42 U.S.C. § 407 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 17 | Disability/illness benefits — group insurance | § 16-66-209 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 18 | Life insurance — proceeds payable to surviving spouse/child | Ark. Const. art. 9, § 1; § 23-79-131 | Unlimited (debt of insured) | $[__________] | n/a | $[__________] | $[__________] |
| 19 | Life insurance — cash surrender value | § 23-79-132 | Unlimited if not for debtor's benefit | $[__________] | n/a | $[__________] | $[__________] |
| 20 | Fraternal benefit society benefits | § 23-74-403 | Unlimited | $[__________] | n/a | $[__________] | $[__________] |
| 21 | Annuities (subject to 1-yr lookback) | § 23-79-134 | Unlimited (limits apply) | $[__________] | n/a | $[__________] | $[__________] |
| 22 | IRAs / Roth IRAs (contributions > 1 yr pre-petition) | § 16-66-218(b)(16) | $20,000 cap (state law) — but see federal | $[__________] | n/a | $[__________] | $[__________] |
| 23 | ERISA-qualified plans / 401(k) / 403(b) / pensions | § 24-11-417, -814, -1112; 11 U.S.C. § 541(c)(2) | Unlimited (excluded from estate) | $[__________] | n/a | $[__________] | $[__________] |
| 24 | Tax-exempt retirement (incorporated through § 522(b)(3)(C)) | 11 U.S.C. § 522(b)(3)(C) | Unlimited; IRA cap $1,512,350 (2025–2028) | $[__________] | n/a | $[__________] | $[__________] |
| 25 | Property of business partnership | § 4-46-501 | Unlimited (partner's interest only) | $[__________] | n/a | $[__________] | $[__________] |
| 26 | Alimony / child support — necessary for support | 11 U.S.C. § 522(b)(3)(A) (incorporates state) | Reasonably necessary | $[__________] | n/a | $[__________] | $[__________] |
Subtotal — Arkansas state-scheme equity exempt: $[__________]
ALERT — No general state wildcard: Arkansas does NOT provide a general "wildcard" exemption analogous to federal § 522(d)(5). The $800/$1,250 residence-or-burial-plot allowance under § 16-66-218(b)(1) is the closest analog and may be claimed only against real or personal property used as a residence or burial plot — it is NOT a true wildcard for cash, deposits, or unrelated personal property.
2.B — Federal Bankruptcy Exemption Scheme (11 U.S.C. § 522(d))
| # | Asset Category | Federal Citation | Statutory Cap (2025–2028) | FMV | Equity at Risk | Equity Exempt |
|---|---|---|---|---|---|---|
| 1 | Homestead | § 522(d)(1) | $31,575 | $[__________] | $[__________] | $[__________] |
| 2 | Motor vehicle | § 522(d)(2) | $5,025 | $[__________] | $[__________] | $[__________] |
| 3 | Household goods, furnishings, apparel ($675/item) | § 522(d)(3) | $16,850 aggregate | $[__________] | $[__________] | $[__________] |
| 4 | Jewelry | § 522(d)(4) | $2,125 | $[__________] | $[__________] | $[__________] |
| 5 | Wildcard | § 522(d)(5) | $1,675 + up to $15,800 unused homestead | $[__________] | $[__________] | $[__________] |
| 6 | Tools of trade / professional books | § 522(d)(6) | $3,175 | $[__________] | $[__________] | $[__________] |
| 7 | Unmatured life insurance contract | § 522(d)(7) | Unlimited | $[__________] | $[__________] | $[__________] |
| 8 | Life insurance loan/dividend value | § 522(d)(8) | $16,850 | $[__________] | $[__________] | $[__________] |
| 9 | Health aids | § 522(d)(9) | Unlimited | $[__________] | $[__________] | $[__________] |
| 10 | Public benefits, SS, veterans, disability, alimony, support, retirement | § 522(d)(10) | Unlimited (reasonably necessary for support) | $[__________] | $[__________] | $[__________] |
| 11 | Crime-victim award; wrongful death; personal injury (non-pain-and-suffering); loss of future earnings | § 522(d)(11) | Personal injury cap $31,575 | $[__________] | $[__________] | $[__________] |
| 12 | Tax-exempt retirement accounts | § 522(d)(12) | Unlimited; IRAs $1,512,350 | $[__________] | $[__________] | $[__________] |
Subtotal — Federal scheme equity exempt: $[__________]
Section 3 — Election Decision Matrix
| Factor | Favors Arkansas State Scheme | Favors Federal § 522(d) |
|---|---|---|
| Substantial home equity above $31,575 (single) / $63,150 (joint) | ☐ | ☐ |
| Modest home equity, significant non-residence assets needing wildcard | ☐ | ☐ |
| Household goods/furniture > $16,850 single / $33,700 joint FMV | ☐ (no AR cap on apparel/health aids) | ☐ |
| Vehicle equity > $1,200 (single) | ☐ | ☐ (federal $5,025) |
| Tools of trade > $750 | ☐ | ☐ (federal $3,175) |
| Significant cash, bank deposits, or non-real-estate equity | ☐ | ☐ (federal wildcard) |
| Recent IRA contributions (within 1 year) | ☐ | ☐ (state $20,000 cap may not protect) |
| Wedding rings of significant value | ☐ (unlimited) | ☐ |
| Unmatured cause of action (PI, wrongful death) | ☐ | ☐ (federal § 522(d)(11)) |
Total equity exempt under Arkansas scheme: $[__________]
Total equity exempt under Federal scheme: $[__________]
ELECTION: ☐ Arkansas state exemptions (Ark. Code § 16-66-217) ☐ Federal § 522(d) exemptions
Reasoning: [_________________________________________________________________________]
[_________________________________________________________________________________________]
Section 4 — Homestead-Specific Analysis (Critical for Arkansas)
4.A — Homestead Qualification Checklist
☐ Property is owned by debtor (legal or equitable title; life estate sufficient)
☐ Property is occupied as debtor's principal residence on petition date
☐ Debtor is married, head of family, OR a single person owning a homestead
☐ Property does not exceed 1 acre (urban) / 160 acres (rural)
☐ Debtor has not abandoned the homestead
☐ Property location: ☐ Urban (incorporated city/town/village) ☐ Rural
☐ If acquired within 1,215 days: federal § 522(p) cap of $214,000 (2025-2028) applies even under Arkansas scheme
☐ If pre-petition non-exempt assets converted to homestead within 10 years with intent to hinder/delay/defraud: § 522(o) reduction applies
4.B — Acreage and Value Worksheet
| Field | Urban Homestead | Rural Homestead |
|---|---|---|
| Statutory minimum acreage (unlimited value) | ¼ acre | 80 acres |
| Statutory maximum acreage (with $2,500 cap above min.) | 1 acre | 160 acres |
| Citation | Ark. Const. art. 9, § 5 | Ark. Const. art. 9, § 4 |
| Actual acreage | [____] acre | [____] acres |
| Within minimum acreage? | ☐ Yes ☐ No | ☐ Yes ☐ No |
| FMV of homestead (per Schedule A/B) | $[__________] | $[__________] |
| Liens of record | $[__________] | $[__________] |
| Equity | $[__________] | $[__________] |
| Equity claimed exempt | $[__________] | $[__________] |
| Federal § 522(p) cap implicated? (acquired < 1,215 days) | ☐ Yes ☐ No | ☐ Yes ☐ No |
4.C — Doubling Rule
Marital status: ☐ Single ☐ Married — joint petition ☐ Married — separate petitions
Doubling available? ☐ Yes (federal scheme only) ☐ No (Arkansas scheme — single homestead)
Section 5 — Pre-Petition Planning Issues
| Issue | Status | Notes |
|---|---|---|
| Pre-petition transfers within 1 year (§ 547 / § 548 risk) | ☐ Reviewed | [____________________] |
| Conversion of non-exempt to exempt assets (§ 522(o)) | ☐ Reviewed | [____________________] |
| Homestead acquired within 1,215 days (§ 522(p)) | ☐ Reviewed | [____________________] |
| Felony / fraud bar (§ 522(q)) | ☐ Reviewed | [____________________] |
| Insider transfers within 1 year | ☐ Reviewed | [____________________] |
| Statement of Financial Affairs Q.18 transfers cross-checked | ☐ Reviewed | [____________________] |
| Tax refund pro-ration as of petition date | ☐ Reviewed | [____________________] |
| Anticipated wages between petition and § 341 meeting | ☐ Reviewed | [____________________] |
| 2026 economic-impact / refundable credit treatment | ☐ Reviewed | [____________________] |
| Spendthrift trust / 401(k) loan repayments | ☐ Reviewed | [____________________] |
Section 6 — Schedule C Drafting Notes
| Schedule C Field | Sample Entry — Arkansas Scheme | Sample Entry — Federal Scheme |
|---|---|---|
| Election box | ☐ § 522(b)(3) | ☐ § 522(b)(2) |
| Description | "Single-family residence at [address], 0.22 urban acres" | "Single-family residence at [address]" |
| Current value | $[__________] | $[__________] |
| Amount of exemption | $[__________] | Up to $31,575 |
| Specific law citation | "Ark. Const. art. 9, § 5; Ark. Code § 16-66-210" | "11 U.S.C. § 522(d)(1)" |
| 100% claim? | ☐ Yes (constitutional homestead, unlimited within ¼ acre) | ☐ No (capped) |
Section 7 — Trustee Objection Risk Assessment
| Risk Factor | Present? | Mitigation |
|---|---|---|
| Asset value approaches statutory cap | ☐ Yes ☐ No | [____________________] |
| Recent transfer reflected in SOFA | ☐ Yes ☐ No | [____________________] |
| Cash retained at filing exceeds $200/$500 residence-or-burial-plot allowance | ☐ Yes ☐ No | [____________________] |
| Vehicle equity exceeds $1,200 cap (state scheme) | ☐ Yes ☐ No | [____________________] |
| Tax refund anticipated within 60 days of filing | ☐ Yes ☐ No | [____________________] |
| Tools-of-trade items > $750 aggregate | ☐ Yes ☐ No | [____________________] |
| Homestead acreage exceeds minimum + $2,500 over | ☐ Yes ☐ No | [____________________] |
30-Day Objection Window (Fed. R. Bankr. P. 4003(b)): Trustee or party in interest must object within 30 days after the conclusion of the § 341(a) meeting (or amended Schedule C). Track meeting date and any amendment dates carefully.
§ 341 meeting date: [__/__/____] Objection deadline: [__/__/____]
Section 8 — Certification
I, [_________________________________________________], the debtor (or attorney for debtor) named above, certify under penalty of perjury that the asset values, lien balances, and statutory citations recorded on this worksheet accurately reflect the property of the bankruptcy estate as of the petition date and that the exemption election made in Section 3 has been disclosed to the debtor with full explanation of its consequences.
Signature: ____________________________________________ Date: [__/__/____]
Printed name: [_________________________________________________]
Capacity: ☐ Debtor ☐ Joint Debtor ☐ Attorney for Debtor (Bar No. [___________])
Sources and References
- Ark. Const. art. 9, §§ 1–10 (exemption — homestead, personal property, insurance)
- Ark. Code Ann. § 16-66-210 (homestead value floor)
- Ark. Code Ann. § 16-66-217 (election of state or federal bankruptcy exemptions)
- Ark. Code Ann. § 16-66-218 (specific dollar-cap exemptions in bankruptcy)
- Ark. Code Ann. § 16-66-219, -220 (insurance, retirement specifics)
- 11 U.S.C. § 522 (exemptions); particularly subsections (b), (d), (m), (o), (p), (q)
- 11 U.S.C. § 104 (triennial dollar-amount adjustments)
- Fed. R. Bankr. P. 4003 (objections to claimed exemptions)
- Official Form 106C — Schedule C (uscourts.gov/forms)
- Smith v. Flash TV Sales & Service, Inc., 17 Ark. App. 185 (1986)
- Middleton v. Lockhart, 355 Ark. 434, 139 S.W.3d 500 (2003)
- In re Stinnett, 465 F.3d 309 (8th Cir. 2006) (Arkansas homestead and § 522(p))
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Last updated: May 2026