Alaska Bankruptcy Laws

Federal filing fee for Chapter 7 bankruptcy. Fee waivers available for qualifying low-income filers.

Federal filing fee for Chapter 13 bankruptcy.

You must complete credit counseling from an approved agency within 180 days before filing and a debtor education course before receiving a discharge.

Chapter 7 filers must pass a means test comparing their income to Alaska's median income. Alaska's median income is among the highest in the nation due to the high cost of living.

Protects up to $72,900 of equity in your primary residence. The exemption is not doubled for married couples filing jointly — spouses share a single homestead exemption.

Protects up to $4,050 in equity in one motor vehicle. The total value of the vehicle may not exceed $27,000.

Protects household goods, furniture, and clothing up to $4,050 per item; jewelry up to $1,350; health aids (no limit); and tuition savings accounts. Additional exemptions exist for burial plots and personal injury recoveries.

Implements, professional books, and tools of the trade are exempt up to $4,050.

Retirement accounts including pensions, Alaska PERS benefits, IRAs, and 401(k)s are generally fully exempt from creditors in bankruptcy under both state and federal law.

Weekly net earnings up to $743 are fully exempt. For amounts above that, the lesser of 25% of disposable earnings or the amount exceeding $743 can be garnished.

Alaska allows bankruptcy filers to choose between state exemptions (AS 09.38) and federal bankruptcy exemptions (11 U.S.C. 522(d)), provided the filer has resided in Alaska for at least 730 days. This choice can significantly affect which assets you can protect.