National Divorce & Bankruptcy Center
Alaska Bankruptcy Property Exemptions:
What You Can Keep
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EXEMPT PROPERTY: The property you can keep after
bankruptcy.
Some property in many states is exempt regardless of
its value i.e. "all personal possessions". Many states also have a 'wild card'
exemption which can be applied to any type of property or split among several
different items.
An exemption limit means that any equity above the limit is
'non-exempt'. Equity is the difference between the value of the property
and what is owed on the property. For example, a car valued at $4000 with a lien
of $3500 has an equity value of only $500 subject to exemption.
To keep non-exempt property, a debtor must generally pay the trustee the
value of the non exempt property to be distributed to creditors.
Bankruptcy law allows married couples filing jointly to each claim a full set
of exemptions doubling the exemptions. Unless otherwise noted in the following
exemption list, married couples may double the exemption amount given.
Alaska law specifically states that only the items found in the Alaska
Code (statutes), Section 9.38.010, 9.38.015(a), 9.38.017, 9.38.020, 9.38.025
& 9.38.030 may be exempted in bankruptcy. However, our research found a
case, In re McNutt 87 B.R. 84 (10th Cir. 19149) in which an Alaskan
debtor claimed the federal bankruptcy exemptions.
Homestead $54,000
Insurance:
- Disability benefits
- Fraternal benefit society benefits
- Insurance proceeds for personal injury, to extent wages exempt (bankruptcy
judge may authorize a greater amount
- Insurance proceeds for wrongful death, to extent wages are exempt.
- Life insurance annuity or contract loan value to $10,000
- Life insurance proceeds if beneficiary is insured's spouse or dependent,
to extent wages exempt
- Medical, surgical or hospital benefits
Miscellaneous
- Property of business partnership
- Alimony, to the extent wages are exempt
- Child support payments made by a collection agency
- Liquor licenses
- Permits for limited entry into Alaska Fisheries
Pensions
- Judicial employees (only benefits building up)
- Teachers (only benefits building up)
- ERISA qualified benefits deposited more than 120 days before filing
bankruptcy
- Public employees (only benefits building up)
- Other pensions to extent wages exempt (only payments being received
Personal Property
- Books, musical instruments, clothing, family portraits, household goods
& heirlooms to $3,000 total
- Building materials
- Burial Plot
- Health Aids needed
- Jewelry to $1000
- Motor vehicle to $3,000; vehicle's market value can't exceed $20,000
- Personal injury recoveries, to extent wages exempt
- Pets to $1,000
- Proceeds for lost, damaged or destroyed exempt property
- Wrongful death recoveries to extent wages exempt
Public Benefits
- Adult assistance to the elderly, blind, disabled
- AFDC
- Alaska longevity bonus
- Crime victims' compensation
- Federally exempt public benefits paid or due
- General relief assistance
- 45% of permanent fund dividends
- Tuition credits under an advance college tuition payment contract
- Unemployment compensation
- Worker's Compensation
Tools of the Trade
- Implements, books & tools of trade to $2,800
Wages
- Weekly net earnings to $350; for sole wage earner in a household, $550; if
you don't receive weekly, monthly or semi-monthly pay, can claim $1400 in cash
or liquid assets paid in any month; for sole wage earner in household, $2,200
Wild Card
Non-Bankruptcy Federal Exemptions are available to those
claiming state exemptions in addition to the exemptions of their state.
Return to State Exemptions
A wide variety of information is available at our main bankruptcy site