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Alaska Bankruptcy Exemptions

Alaska Homestead
Insurance
Misc
Pensions
Personal Property
Public Benefits
Tools of Trade
Wages
Wild Card

Federal Bankruptcy Exemptions Also Available
(see below)

Alaska Bankrupcty Exemptions Summary

Homestead

Principal residence up to $72,900* -- joint owners may each claim a portion, but total can't exceed $72,900
Homestead amount adjusted for inflation every two years. Current as of 10/1/2020. Source: Alaska BK Court.

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Auto/Truck (aka Motor Vehicle)

Up to $4,050 worth of one vehicle, as long as the total value of the vehicle does not exceed $27,000.

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Up to $4,050 worth of total personal property, including: clothing and household goods, books and musical instruments.
Up to $1,350 worth of jewelry.
Up to $3,780 worth of professional books, tools and implements.
Up to $1,350 of pets.
100 percent of health aids, burial plots and certain benefits.

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Wild Card

none

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Wage Garnishment Law

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More Alaska all_law_table_items...

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Alaska Bankruptcy Exemptions

Alaska Offers a Choice of Federal or State Exemptions

Alaska law allows you to use the exemptions found in the U.S. bankruptcy code (11 U.S.C. § 522(d)) or the exemptions provided under Alaska law. However, you cannot mix and match exemptions from the federal bankruptcy code and state law. You must choose one system or the other.

However, if you use the state law exemptions, there are a few U.S. 'non-bankruptcy' exemptions (that is, exemptions that exist outside of federal bankruptcy code) that you can use in addition to your state law all_law_table_items. The four most significant non-bankruptcy exemptions are for:

Wages (a general cap on what percentage of your wages can be garnished)
Social Security benefits
Civil Service benefits, and
Veterans Benefits

Other non-bankruptcy exemptions mostly deal with various benefits to government and military personnel, with a few odd laws regarding specially regulated labor markets such as railroad workers, merchant sailors, and longshoremen.

NOTE: Federal Exemption amounts listed below reflect the April 1, 2019 adjustment for inflation every three years, and therefore do not match the figures shown in the federal exemption statutes. Click here for the April 1, 2019 inflation adjustments to Federal bankruptcy exemption amounts, published in the Federal Register.

Special Notes regarding Alaska exemptions:

Alaska exemption amounts are no longer are updated in the statutes. Amounts are adjusted periodically by administrative regulations and can be found at 8 Alaska Admin Code tit. 8 � 95.030 (Amounts are current as of 4/01/2013. See http://www.akb.uscourts.gov/pdfs/exemptions.pdf)

Alaska has not elected to "opt out" of the federal exemptions pursuant to Code � 522(b). Instead, Alaska has enacted a provision, AS � 09.38.055, which limits the exemptions available to a debtor filing bankruptcy and residing in Alaska to those within the following statutes: AS �� 09.38.010, 09.38.015, 09.38.017, 09.38.020, 09.38.025 and 09.38.030.

Can you double exemptions for joint filers? (General principles)

If you are married and filing together, you and your spouse must use the same law; one cannot use federal law while the other uses state law. However, the exemption law chosen applies separately to each spouse. Thus, it is generally possible to double the amount of state law exemptions, Cheeseman v. Nachman, 656 F.2d 60 (4th Cir. 1981) (married couple filing a joint petition was entitled to double the Virginia homestead exemption), unless state law (e.g. California) specifically prohibits a couple from doubling certain exemptions. See First National Bank v. Norris, 701 F.2d 902 (11th Cir. 1984)(Alabama); Granger v. Watson, 754 F.2d 1490 (9th Cir. 1985)(California).

Disclaimer

Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. (This information was updated for April 2019.)

Also bear in mind that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have.

Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.

Alaska Homestead Exemption

Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.

Federal Law Residency Requirement

Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (three years and four months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

IF you are moving to another state, OR you moved to Alaska within in the last two years, click here.

Alaska Exemptions

AK Exemptions
$72,900 (joint owners may each claim a portion, but total can't exceed $72,900)
Alaska Stat. § 09.38.010 (a)
Alaska Admin. Code tit. 8, § 95.030 (a)

Federal Exemptions

Indian lands or homestead sales or lease proceeds
25 U.S.C. § 410
Real property, including co-op or mobile home, or burial plot to $25,150; unused portion of homestead to $12,575 may be applied to any property
11 U.S.C. § 522 (d)(1), (d)(5)

Home Valuation tool

Avg home value in
Zip code 99801
Juneau, AK
Zillow.com.

Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)

Tenancy by Entirety Exemption

Tenancy by the Entirety (TBE) is a form of property ownership, based on traditional English common law, that is still recognized in about 1/2 of states and the most common form of martial property ownership in many of them.

It protects property that is jointly owned by a married couple as an "entirety" -- which is to say, as a single marital entity, not as individuals.

Tenancy by the Entirety (TBE) was originally conceived as a debt shield -- a way of protecting wives and children from being left homeless and penniless as a result of the debts of a husband. Under the English common law TBE doctrine, a husband could not sell property owned by "the entirety", or give it away, or pledge it as security for a loan without the consent of his wife.

Today, 25 states still recognize some form of tenancy by the entirety, but they differ on the extent to which the property is exempt.

Special notes about Alaska Tenancy by the Entirety Exemptions: Alaska recognizes Tenancy by the entirety, but there is no reported law regarding its use as an exemption

Alaska Exemptions

Tenancy by the entirety is recognized but such interests are not exempt, under the state law and consequently the right of survivorship is not exempt under the Bankruptcy Code pursuant to Code � 522(b)(2)(B).
Alaska Stat. § 34.15.140
Tenancy by the entirety statutorily recognized for real estate, though rare. Exemption status unknown. No law found.
Alaska Stat. § 34.15.140 (Statutorily recognized. Nothing more.)

Federal Exemptions

Alaska Insurance exemptions

Virtually all states protect life insurance proceeds in some manner or another. Some restrict it to proceeds paid to a dependent. Many states also protect the cash-value or loan-value of insurance policies.

If a substantial amount of your assets are in life insurance, you may want to consult a professional to determine the extent to which those policies are exempt.

Alaska Exemptions

Disability benefits
Alaska Stat. § 09.38.015 (b)
Alaska Stat. § 09.38.030 (e)(1),(5)
Fraternal benefit society benefits
Alaska Stat. § 21.84.240
Life insurance or annuity contract[s], total aggregate cash surrender value to $500,000
Alaska Stat. § 09.38.025
Alaska Admin. Code tit. 8, § 95.030 (c)
Medical, surgical, or hospital benefits
Alaska Stat. § 09.38.015 (a)(3)

Federal Exemptions

Disability, illness, or unemployment benefits
11 U.S.C. § 522 (d)(10)(C)
Federal government employee death & disability benefits
5 U.S.C. § 8130
Federal judges, U.S. court & judicial center directors, administrative assistants to U.S. Supreme Court Chief Justice
28 U.S.C. § 376
Federal war risk, hazard, death, or injury compensation, death & disability benefits
42 U.S.C. § 916
Life insurance payments from policy for person you depended on, needed for support
11 U.S.C. § 522 (d)(11)(C)
Life insurance policy loan value, in accured dividends or interest, to $13,400
11 U.S.C. § 522 (d)(8)
Lighthouse workers survivors' benefits
33 U.S.C. § 775
Longshoremen & harbor workers death & disability benefits
33 U.S.C. § 916
Military group life insurance
38 U.S.C. § 1970 (g)
U.S. Military service survivors' benefits
10 U.S.C. § 1450
Unamtured life insurance contract, except credit insurance policy
11 U.S.C. § 522 (d)(7)

Miscellaneous other exemptions for Alaska

This category covers items like partnership property, alimony & support payments.

Alaska Exemptions

Alimony, to extent wages exempt
Alaska Stat. § 09.38.030 (e)(2)
Child support payments made by collection agency
Alaska Stat. § 09.38.015 (b)
Liquor licenses
Alaska Stat. § 09.38.015 (a)(7)
Property of business partnership
Alaska Stat. § 09.38.100 (b)

Federal Exemptions

Alimony, child support needed for support
11 U.S.C. § 522 (d)(10)(D)

Alaska Pensions & Retirement Savings Exemptions

The new federal bankruptcy law now automatically exempts a virtually all tax-exempt pensions and retirement savings accounts from bankruptcy, even if you are using state law all_law_table_items. 11 U.S.C. § 522(b)(3)(C). (See Help Topic: Special Rules For Retirement Accounts.)

The law protects up to $1,283,025 of any pension or retirement fund that qualifies forspecial tax treatment under Internal Revenue Code sections 401,402, 403, 408, 408A, 414, 457, or 501(a).

Federal Exemptions

All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,362,800 (excluding rollover contributions); limitation can be overidden by judge.
11 U.S.C. § 522 (d)(12)
11 U.S.C. § 522 (n)
Federal civil service employees
5 U.S.C. § 8346
Foreign Service Employees
22 U.S.C. § 4060
Military Medal of Honor roll pensions
38 U.S.C. § 1562 (c)
Military service employees
10 U.S.C. § 1440
Railroad workers
45 U.S.C. § 231m
Social Security
42 U.S.C. § 407
U.S. veterans' benefits
38 U.S.C. § 3501

Alaska Exemptions

Elected public officers (only benefits building up)
Alaska Stat. § 09.38.015 (b)
ERISA-qualified benefits deposited more than 120 days before filing bankruptcy
Alaska Stat. § 09.38.017
Judicial employees (only benefits building up)
Alaska Stat. § 09.38.015 (b)
Other pensions, to extent wages exempt (only payments being received)
Alaska Stat. § 09.38.030 (e)(5)
Public employees (only benefits building up)
Alaska Stat. § 09.38.015 (b)
Alaska Stat. § 39.35.505
Roth & traditional IRAs
Alaska Stat. § 09.38.017 (e)(3)
Teachers (only benefits building up)
Alaska Stat. § 09.38.015 (b)

Alaska Personal Property Exemptions

This category covers your car, your non-retirement bank accounts, and most of your other personal possessions, other than your house.

States vary widely on how generous they are in this area. Some exemptions may be for any combination of property up to an aggregate amount. Other exemptions apply only to specific items, such as jewelry.

Remember that an exemption will not protect your car from being repossessed by the holder of the car loan you used to purchase the vehicle if you pledged the vehicle as security for the loan. To keep the car, you will have to pursue other options such as 'redemption' or 'reaffirmation.' See the help topics and How to File for Chapter 7 Bankruptcy for more on this.

Alaska Exemptions

Books, musical instruments, clothing, family portraits, household goods, & heirlooms to $4,050 total
Alaska Stat. § 09.38.020 (a)(original limit $3,000)
Alaska Admin. Code tit. 8, § 95.030 (b)(1)(inflation adjusted exemption amount)
Building materials
Alaska Stat. § 34.35.105
Burial plot
Alaska Stat. § 09.38.015 (a)(1)
Cash or other liquid assets to $1,890; for sole wage earner in household, $2,970 (restrictions apply -- see wages)
Alaska Stat. § 09.38.030 (b)(original limit $1,400)
Alaska Admin. Code tit. 8, § 95.030 (d)(2), (e)(2)(inflation adjusted exemption amount)
Health aids needed
Alaska Stat. § 09.38.015 (a)(2)
Jewelry to $1,350
Alaska Stat. § 09.38.020 (b)
Alaska Admin. Code tit. 8, § 95.030 (b)(2)
Money held in mortgage escrow accounts after July 1, 2008
Alaska Stat. § 09.38.015 (e)
Motor vehicle to $4,050; vehicle's market value can't exceed $27,000
Alaska Stat. § 09.38.020 (e)(original statutory limit $20,000)
Alaska Admin. Code tit. 8, § 95.030 (b)(5)(adjusted exemption amounts)
Personal injury recoveries, to extent wages exempt
Alaska Stat. § 09.38.030 (e)(3)
Pets to $1,350
Alaska Stat. § 09.38.020 (d)(original limit $1,000)
Alaska Admin. Code tit. 8, § 95.030 (b)(4)(inflation adjusted exemption amount)
Proceeds for lost, damaged, or destroyed exempt property
Alaska Stat. § 09.38.060
Tuition credits under an advance college tuition payment contract
Alaska Stat. § 09.38.015 (a)(8)
Wrongful death recoveries, to extent wages exempt
Alaska Stat. § 09.38.030 (e)(3)

Federal Exemptions

Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $625 per item, $13,400 total
11 U.S.C. § 522 (d)(3)
Health aids
11 U.S.C. § 522 (d)(9)
Jewelry to $1,700
11 U.S.C. § 522 (d)(4)
Lost earnings payments
11 U.S.C. § 522 (d)(11)(E)
Military deposits in savings accounts while on permanent duty outside the U.S.
10 U.S.C. § 1035
Motor vehicle to $4,000
11 U.S.C. § 522 (d)(2)
Personal injury recoveries to $25,150 (not to include pain & suffering or pecuniary loss)
11 U.S.C. § 522 (d)(11)(D)
Wrongful death recoveries for person you depended on
11 U.S.C. § 522 (d)(11)(B)

Auto Valuation Tools:

Both of these websites offer interactive tools to determine the current value of your used car.

Alaska Public Benefits Exemptions

Most states exempt public benefits, consistent with the notion that such benefits are intended as a safety net for the recipient.

Alaska Exemptions

20% of permanent fund dividends
Alaska Stat. § 43.23.065 ( renumbered as AS 43.23.140)
Alaska Stat. § 01.10.070 c
Alaska Stat. § 43.23.140 (Exemption of and levy on permanent fund dividends)
Adult assistance to elderly, blind, disabled
Alaska Stat. § 47.25.550
Alaska benefits for low income seniors
Alaska Stat. § 09.38.015 (a)(11)
Alaska longevity bonus
Alaska Stat. § 09.38.015 (a)(5)
Crime victims' compensation
Alaska Stat. § 09.38.015 (a)(4)
Federally exempt public benefits paid or due
Alaska Stat. § 09.38.015 (a)(6)
General relief assistance
Alaska Stat. § 47.25.210
Senior care (prescription drug) benefits under AS 47.45.300-- 47.45.390
Alaska Stat. § 09.38.015 (a)(10)
Unemployment compensation
Alaska Stat. § 09.38.015 (b)
Alaska Stat. § 23.20.405
Workers' compensation
Alaska Stat. § 23.30.160

Federal Exemptions

Crime victims' compensation
11 U.S.C. § 522 (d)(11)(A)
Local public assistance
11 U.S.C. § 522 (d)(10)(A)
In re Goertz, 202 B.R. 614 (Bankr.S.D.Mo. 1996)
Social Security
11 U.S.C. § 522 (d)(10)(A)
Unemployment compensation
11 U.S.C. § 522 (d)(10)(A)
Veteran's benefits
11 U.S.C. § 522 (d)(10)(A)

Alaska Tools of Trade Exemptions

These are the things you use to make a living. An automobile or truck can be a tool of trade if you use it as such. Commuting to work doesn't count, but if driving is a necessary component of transacting your business, you can claim your vehicle is a tool of trade.

Alaska Exemptions

Commercial fishing privileges
Alaska Stat. § 16.43.945
Implements, books & tools of trade to $3,780
Alaska Stat. § 09.38.020 (c)
Alaska Admin. Code tit. 8, § 95.030 (b)(3)

Federal Exemptions

Implements, books, & tools of trade to $2,525
11 U.S.C. § 522 (d)(6)

Alaska Wage Garnishment Laws

Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done -- so called "earned but unpaid wages".

In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.

Special notes about Alaska Wage Garnishment Exemptions: Alaska's "earnings" exemption � 09.38.030 includes not just wages but income from all sources including alimony, proceeds from insurance, benefits and other sources, so the dollar amount cap applies to all sources of income combined, except sources that are completely exempt under 09.38.015 and 09.38.017.

Alaska Exemptions

Weekly net earnings to $473; for sole wage earner in a household, $716; if you don't receive weekly or semi-monthly pay, can claim $1,890 in cash or liquid assets paid any month; for sole wage earner in household, $2,970
Alaska Stat. § 09.38.030 (a),(b)
Alaska Stat. § 09.38.050 (b)
Alaska Admin. Code tit. 8, § 95.030 (d),(e)(inflation adjusted exemption amounts.)

Federal Exemptions

Minimum 75% of disposable weekly earnings or 30 times the federal hourly wage, whichever is more; bankruptcy judge may authorize more for low-income debtors. NOTE: Declared not a bankruptcy exemption by numerous Federal courts
15 U.S.C. § 1673
None
11 U.S.C. § 522 (d)

Alaska Wild Card Exemption

Most, but not all, states allow a so-called "wild-card" exemption that can apply to any property. The wild card exemption can be of particular help if one or more of your other exemptions falls short of protecting your equity. You may split your wild card exemption amount over multiple items and stack it atop other exemptions as needed to protect exposed equity.

Alaska Exemptions

Federal Exemptions

$1,325 of any property
11 U.S.C. § 522 (d)(5)
Up to $12,575 of unused homestead exemption amount, for any property.
11 U.S.C. § 522 (d)(5)

^ Top - Alaska Bankruptcy Exemptions

Links About Alaska Bankruptcy Exemptions

Alaska Inflation-Adjusted Exemption Amounts - Excellent table provided by the Alaska US Bankruptcy Court that compares federal to state exemption and provides the latest inflation-adjusted amounts for Alaska exmptions.