Juneau -- The Alaska House of Representatives Wednesday passed House Bill 369, which amends Alaska statutes to provide for exemptions from judgements for certain property.

"The protections offered by this bill are by no means as expansive as those provided by laws of other states, but they do constitute a vast improvement over our existing law," said Representative John Harris (R-Valdez), sponsor of HB 369. "The bill reflects the public policy decision that certain assets should be beyond the reach of creditor claims if a person is unable to repay the creditor."

HB 369 raises the homestead exemption from $63,000 to $250,000 for each individual, the same amount which is exempt from federal income tax on the sale of a residence. It also raises the exemption for the cash value of all insurance policies and/or annuity contracts owned by an individual to $250,000 and provides an unlimited exemption on life insurance or annuities paid to a beneficiary.

HB 369 provides several new exemptions. It extends protection to reserves established by condominium associations and to deferred compensation plans designed as retirement assets for government employees. It also exempts a minimal amount of cash which might be necessary to pay for the following month's rent and living expenses, an exemption currently found in federal bankruptcy law.

HB 369 passed the House 37-2. Notice of reconsideration was filed.