What Are the Alaska Bankruptcy Exemptions?

People in Alaska who are considering filing for bankruptcy may be wondering what property they can keep. Bankruptcy exemptions determine which of your assets you can protect when filing for Chapter 7 or 13 bankruptcy, and the state of Alaska offers generous exemptions. This article will explain what the Alaska bankruptcy exemptions include and how they work.

Under Alaskan law, debtors can keep a certain amount of equity in their home, car, household items, retirement funds and more when filing for bankruptcy. The homestead exemption allows debtors to exempt up to $72,900 from creditors if they are single or $145,800 if married and filing jointly. Additionally, a debtor's vehicle is also usually exempt up to $4,500 in equity value. If a debtor owns any real estate other than their home it is generally fully exempt from creditors as well.

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