Arkansas Laws on Wage Garnishments, Statute of Limitation on Debt, and Bankruptcy Property Exemptions
WAGE GARNISHMENT EXEMPTION

$500 of income is exempt from garnishment if one is the head of family; $200 if single. Since federal law offers better exemption, it applies

MAXIMUM INTEREST RATE:  Legal: 6% or 5 points above the federal discount rate
Judgment: Contract rate or 10% per annum, whichever is greater

STATUTE OF LIMITATIONS ON ENFORCEMENT

Open Account (credit card): 3 years
Written Contract: 5 years
Sale of Goods: 4 years
Domestic Judgment: 10 years (judgment is renewable)
Foreign Judgment: 10 years

ARKANSAS BAD CHECK LAW DAMAGES

Twice the amount of check or $15 per check after 30 days
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ARKANSAS BANKRUPTCY PROPERTY EXEMPTIONS

You can use either the state exemptions below or the federal exemptions.  The State of Arkansas allows debtors to exempt (or keep) the property below when filing bankruptcy:

Real Estate:  Real or personal property used as residence, but only if head of family, unlimited value for up to 1/4 acre in city or town, or 80 acres elsewhere.  If property is between 1/4 and 1 acre in city or town, or 80 - 160 acres elsewhere, up to $2,500 and no homestead may exceed one acre in city or town, or 160 acres elsewhere [16-66-210 and 16-66-218(b)(3)]

Personal Property:  Burial plot to 5 acres in lieu of homestead option 2 [16-66-207 and 16-66-218(a)(1)]; clothing, unlimited amount [Arkansas Constitution 9-1 and 9-2]; motor vehicle to $1,200 [16-66-218(a)(2)]; wedding rings, unlimited amount, but any diamonds cannot exceed 1/2 carat [16-66-218(a)(3)]; implements, books and tools of trade up to $750 [16-66-218(a)(4)]
Insurance / Annuities:  Disability benefits, unlimited amount [23-79-133]; group life insurance, unlimited amount [23-79-132]; life, health, accident or disability cash value or proceeds paid or due (limited to $500 personal property exemption in Secs. 9-1 and 9-2 of Arkansas Constitution) [16-66-209]; annuity contract, unlimited amount [23-79-134]; fraternal society benefits, unlimited amount [23-74-403]; mutual life or disability insurance benefits to $1,000 [23-72-114]; stipulated insurance premiums, unlimited amount [23-71-112]; life insurance proceeds if beneficiary is not the insured, unlimited amount [23-79-131]; life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [23-79-131]
Pensions / Retirement Plans:  Firefighters, unlimited amount [24-11-814]; police officers, unlimited amount [24-11-417]; IRA deposits to $20,000, if deposits exceed 1 year before filing bankruptcy (limit applied to individual debtor and husband/wife combined) [16-66218(b)(16)]; school employees, unlimited amt [24-10-616]; state police officers, unlimited amount [24-6-223]
Public Benefits / Entitlements:  Public assistance; crime victims' compensation up to $10,000 [16-90-716(e)]; unemployment compensation, unlimited amount [11-10-109]; workers' compensation, unlimited amount [11-9-110]
Wages:  Earned but unpaid wages due for 60 days, up to $500 if married or head of household, up to $200 otherwise (16-66-208 and 16-66-218(b)(6)]
Miscellaneous:  Business partnership property, unlimited amount [4-42-502]; any property up to $800 if single or up to $1,250 if married [16-66-218(a)(1)]