What are the Alaska Bankruptcy Exemptions?
Alaska law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with an Alaska bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Alaska. In general, the major Alaska bankruptcy exemptions include:
|GENERAL EXEMPTIONS IN ALASKA|
|Real Estate (Homestead)
Up to $67,500 in the equity of your home can be protected.
Up to $3,750 in equity for one motor vehicle not exceeding $25,000 in value can be protected.
Household goods, clothing, books, musical instruments, and family heirlooms valuing up to $3,750 can be protected.
|View the complete list of Alaska bankruptcy exemptions|
Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.
Which state’s exemption laws apply in your bankruptcy?
Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.
If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.
If application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.
Is Alaska a community property state?
No, Alaska is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.
Did your senator vote in favor of the new bankruptcy laws?
Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?
Murkowski (R-AK) — YEA
Stevens (R-AK) — YEA
Alaska Bankruptcy Court Locations:
605 West Fourth Ave, Suite 138
Anchorage, AK 99501
(800) 859-8059 (Alaska Only)
U. S. Courthouse
101 12th Avenue, Room 332
Fairbanks, AK 99701
U. S. District Court
709 W. 9th Avenue, Room 979
Juneau, AK 99802
US Bankruptcy Court
648 Mission Street, Room 507
Ketchikan, AK 99901
US District Court
P O Box 130
Nome, AK 99762
Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.
Alaska Bankruptcy Attorney Locations:
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.