ALABAMA BANKRUPTCY LAW
Alabama Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Alabama Bankruptcy Statistics: In 2009, 34,999 bankruptcies were filed in the state of Alabama. The total number of business bankruptcies filed was 819. The total number of personal bankruptcies filed was 34,180. Thus, personal bankruptcies accounted for the majority of the total filings, or 97.66%.
Alabama State Bankruptcy Exemptions
The home (“homestead”) exemption is limited to $5,000 for property that is 160 acres or less. Alabama defines “homestead” to include real property and mobile homes. The debtor must record a homestead declaration before selling the property to obtain the homestead exemption.
In Alabama, the following items or expenses are exempt in their entirety:
The following insurance types are exempt or partially exempt when filing for bankruptcy in Alabama:
The following individuals and their survivors’ pensions are exempt federwhen filing for bankruptcy in Alabama:
The following public benefits are exempt when filing for bankruptcy in Alabama:
Tools of the Trade
This is a separate exemption. The following items have been considered tools of the trade in the state of Alabama:
Any personal property, except wages and homestead, up to $3,000 is exempt.
Federal Bankruptcy Exemption: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Alabama.
Alabama Bankruptcy Courts: