The assets that you are allowed to keep in bankruptcy is determined by the state where you live. In general, if you are a resident of Alabama before filing you will use Alabama exemptions. Below is an explanation of some of the protections under the Alabama exemptions.
Alabama Bankruptcy Exemptions – Section 6-10-2 through 6-10-6 protection
- Homestead allows to protect $15,000 in equity in your home for a single person, $30,000 for families. Property can’t exceed 160 acres.
- Wildcard – Up to $7,500 in any property you own. This includes jewelry, cars, clothing, books, family portraits, pictures, household furnishings, and appliances that are reasonably necessary.
Free Bankruptcy Consultations
If you have questions about exemptions in Alabama, call now for your free consultation. Call 256-534-3435 or 256-350-7200 now. We understand exemptions and are here to help you.