If you file for bankruptcy in Arkansas, the Arkansas homestead exemption protects equity in your home. Arkansas offers two homestead exemption options. Depending on which option you choose and how much land you own, you may be able to protect your entire home, or as little as $800 in your home. Read on to learn more about the Arkansas homestead exemption.
For information about how the homestead exemption works in both Chapter 7 and Chapter 13 bankruptcy, see The Homestead Exemption in Bankruptcy. For more articles on exemptions, see our Bankruptcy Exemptions area.
In Arkansas, homeowners must choose between two different homestead exemption options.
Under the first option, a married person or the head of a family may exempt an unlimited amount of value in his or her home or other property covered by the homestead exemption if the property is