| The Alabama bankruptcy laws are a bit different | | | | deceased owner can also claim for homestead |
| as compared to the other states of the United | | | | exemptions. What is more, even the spouse given |
| States of America. If you are a permanent of | | | | a homestead property in divorce can avail the |
| resident of Alabama planning filing impoverishment, | | | | homestead exemption on that property. |
| it is important for you to know the specific laws | | | | Personal Properties Exemptions |
| that are applicable only in Alabama. Furthermore, | | | | The personal properties exemptions under the |
| you also need to be very careful while hiring the | | | | state laws include a long list. However, the laws |
| bankruptcy attorney to handle your specific case. | | | | specifically declare engagement and wedding rings |
| You must make sure that the attorney you have | | | | as exempt properties up to the amount of five |
| hired is aware of the specific laws of your state. | | | | thousand dollars. Even, cemetery plots and |
| What is more, you also have to make sure that | | | | monuments have been specifically added in the |
| the attorney has a valid license to handle these | | | | list. |
| cases in the state of Alabama. | | | | Exempt Wages |
| The basic difference of the insolvency regulations | | | | There is no mention of wild card exemptions as |
| in the state lies in the way the various property | | | | per Alabama insolvency rules. However, a |
| exemptions have been interpreted under the | | | | minimum of seventy five percent of earned but |
| state bankruptcy laws. Let me give you a brief | | | | unpaid wages have been declared as exempt. |
| insight into some of the important points in this | | | | What is more, the laws have also authorized the |
| regard. | | | | y court to allow more amount as wages |
| Residential Properties Exemptions | | | | exemptions in case of a poorly low-income |
| When it comes to claiming for various properties | | | | debtor. |
| exemptions, the homestead exemptions are | | | | As per the Alabama bankruptcy regulations, there |
| perhaps the most important one. As per the | | | | is not much difference in the public benefits |
| state rules, the maximum amount of properties | | | | exemptions. However, the pension funds allowed |
| that you can occupy in this category is fifteen | | | | to be exempted include only the gratuitous |
| thousand dollars. Again, there is also a restriction | | | | payments to employee or heirs whenever paid. |
| regarding the maximum area of such properties. | | | | The ERISA-qualified benefits can also be |
| The area of the homestead properties must not | | | | considered for such exemptions, but only if the |
| exceed one hundred and sixty acres on one tract. | | | | contributions have been made over one year |
| The Alabama bankruptcy laws have also | | | | before filing impoverishment process. |
| mentioned specifically that the spouse or child of | | | | |