Arkansas Rural Homestead Expemption: help with code definition

[ozarkmiss]

Our status:
On 12 acres.
House built with cash for 50k
Land note from Farm Credit 55k remaining, about 12k down

Code:
"Rural homestead: up to 160 acres not to exceed $2500 value; and homestead is no less than 80 acres without regard to value (husband and wife may not double, In re Stevens, 829 F.2d 693 (8th Cir. 1987))"

Can someone help me parse this out? Would like to go C7, not sure if able to.

We are not behind on land note and have no trouble continuing to pay it.

(Lots of unsecured debt - so nervous about assets)

[tcreegan]

Hello ozarkmiss,

This was dated Dec. 2009 for AK:

16-66-210 - Head of family may claim: Real or personal property used as a residence; unlimited exemption up to 1/4 acre in a city, town, or village; or up to 80 acres elsewhere. If between 1/4 and 1 acre in city, etc., or 80 to 160 acres elsewhere, amount of exemption is limited to $2,500. No homestead may exceed 1 acre in city, etc., or 160 acres elsewhere.

The way I read this, you are under 80 acres and so have an unlimited homestead exemption.

I hope this is right, would make it downright nice for you!

Tom in Colo

[ozarkmiss]

Well that will teach me to read code from places other than the source! (my OP with code was pasted from some random website)

You are indeed correct; I have unlimited homestead exemption. Just had first consult.

Sincerely appreciate your input.

[tcreegan]

Nice when it comes out in your favor. Don't be shy about shopping around for attorneys, find one who is a good fit for you. You know the ol' saying; sometimes you have to kiss a lot of frogs.....

Sounds like you are off to a great start!

Tom in Colo