(a) The following property shall be exempt from execution under bankruptcy proceedings pursuant to Pub. L. No. 95-598:

(1) The unmarried debtor's aggregate interest, not exceeding eight hundred dollars ($800) in value, and the married debtor's aggregate interest, not exceeding one thousand two hundred fifty dollars ($1,250) in value, in real or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor;

(2) The debtor's interest, not to exceed one thousand two hundred dollars ($1,200) in one (1) motor vehicle;

(3) The debtor's aggregate interest in the debtor's or the debtor's spouse's wedding bands, including diamonds mounted thereon not exceeding one-half (1/2) carat in weight;

(4) The debtor's aggregate interest, not to exceed seven hundred fifty dollars ($750) in value in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.

(b) The exemptions granted in subsection (a) of this section shall be in addition to the present exemptions granted by Arkansas law as listed below:

(1) The personal property of an unmarried person not the head of a family not exceeding a value of two hundred dollars ($200) in addition to such person's wearing apparel -- Arkansas Constitution, Article 9, Section 1;

(2) The personal property of a married person or head of a family not exceeding a value of five hundred dollars ($500) in addition to such person's wearing apparel -- Arkansas Constitution, Article 9, § 2;

(3) Rural homesteads not exceeding one hundred sixty (160) acres of land with improvements thereon, up to two thousand five hundred dollars ($2,500) in value but in no event less than eighty (80) acres without regard to value -- Arkansas Constitution, Article 9, § 4;

(4) The urban homestead not exceeding one (1) acre of land with improvements thereon, but not to exceed two thousand five hundred dollars ($2,500) in value, but in no event to be less than one-quarter (1/4) of an acre of land without regard to value -- Arkansas Constitution, Article 9, § 5;

(5) The rural or urban homestead of a widow or surviving dependent children including the rents and profits from such homestead -- Arkansas Constitution, Article 9, § 6;

(6) Sixty (60) days' wages, not exceeding the limits imposed by the Arkansas Constitution, Article 9, §§ 1 and 2, but in no instance less than twenty-five dollars ($25.00) per week -- § 16-66-208;

(7) Proceeds of life, health, accident, and disability insurance -- § 16-66-209;

(8) Department of Arkansas State Police retirement benefits -- §§ 24-6-202, 24-6-205, 24-6-223;

(9) Stipulated premium insurance benefits -- § 23-71-112;

(10) Mutual assessment insurance benefits -- § 23-72-114;

(11) Fraternal benefit society benefits -- § 23-74-119 [repealed];

(12) Assets of delinquent insurer -- § 23-68-120;

(13) Rights to unemployment benefits and benefits received but not mingled with other funds except for debts incurred for necessities furnished during the time of unemployment -- §§ 11-10-107 -- 11-10-110;

(14) Workers' compensation benefits -- § 11-9-110;

(15) Public welfare assistance grants -- § 20-76-430;

(16) All contributions made by a debtor to an individual retirement account, as that term is defined for federal income tax purposes and state income tax purposes, for a period exceeding one (1) year prior to the filing of a petition of bankruptcy. However, the maximum amount of individual retirement account contributions that may be claimed under this subdivision shall not exceed twenty thousand dollars ($20,000) for an individual and twenty thousand dollars ($20,000) for a husband and wife combined; and

(17) All other benefits exempt by law but not specifically enumerated herein.