If you're considering filing for bankruptcy in Alaska, the Alaska homestead exemption will help protect your home's equity. This article explains how much the Alabama homestead exemption will cover and how to apply it in your bankruptcy case.
Exemptions change periodically, and these figures could change before we update them again in June 2023. You can meet with a bankruptcy attorney for current amounts and learn how they apply to your situation.
Alaska lets filers use either the federal exemption system or Alaska's state exemption system, so you'll have two homestead amounts to choose between. However, you can't mix exemptions from both lists, so you'll want to select the system that will protect your most important assets.
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Federal Homestead Exemption |
Alaska Homestead Exemption |
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Homestead exemption amount |
$27,900 |
$72,900 |
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Can spouses who file a joint bankruptcy double the exemption? |
$55,800 is available to spouses who co-own property. |
No. |
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Homestead exemption law |
11 U.S.C. § 522(d)(1) |
Alaska Stat. § 09.38.010; 8 AAC 95.030(a) |
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Other information |
Amounts will adjust on April 1, 2025. |
Amount adjusts periodically. |
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Compare other federal and state exemptions. |
Alaska Bankruptcy Exemptions |
In Alaska, the homestead exemption applies to property used as your principal residence, which usually includes real estate such as your home or condominium. If you live in a property that is not a traditional house or condominium, check to ensure that the homestead exemption applies to your property before filing bankruptcy.
For more bankruptcy information, read Filing for Bankruptcy in Alaska.
You can file for bankruptcy in Alaska after living there for more than 180 days. However, you must live in Alaska for at least 730 days before filing before using Alaska's exemptions. Otherwise, you'd use the previous state's exemptions.
If you lived in multiple states during the two years before filing for bankruptcy, you'd use the exemptions of the state you lived in for most of the 180 days before the two-year period that immediately preceded your filing. (11 U.S.C. § 522(b)(3)(A).)
Learn more about filing for bankruptcy after moving to a new state, the current amount of the federal cap, and other essential exceptions to homestead exemptions.
You'll find Alaska's homestead exemption in the Alaska state statutes at Alaska Stat. § 09.38.010; 8 AAC 95.030(a) on the Alaska State Legislature website. Learn about finding state statutes in Laws and Legal Research.
If you can't protect all of your home equity, you might not be able to keep your home. Typically, the Chapter 7 trustee appointed to your case would sell the house, return the exemption amount to you, pay off the mortgage, and pay creditors with the amount remaining after deducting the trustee's fee.
In Chapter 13, you'd need to pay creditors the value of the nonexempt equity through the Chapter 13 plan. You can learn about other requirements you'll need to meet in Your Home in Chapter 7 or Your Home in Chapter 13.
When completing your bankruptcy forms, you'll do the following:
Because your home is likely your most valuable asset, consider consulting with a bankruptcy lawyer to ensure you can protect it in bankruptcy.
Did you know Nolo has been making the law easy for over fifty years? It's true—and we want to make sure you find what you need. Below you'll find more articles explaining how bankruptcy works. And don't forget that our bankruptcy homepage is the best place to start if you have other questions!
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We wholeheartedly encourage research and learning, but online articles can't address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer.
Updated April 6, 2022