Alabama Bankruptcy Exemptions
The list of Alabama property exemptions in bankruptcy, with homestead allowances
After the imposition of new bankruptcy law effective date, all Alabama bankruptcy exemptions were affected by new residency requirements. The State of Alabama bankruptcy exemptions are only available to debtors who resided within the state for at least two years. Although Alabama exemptions are considered low by national standards, the new federal law preempts all state statutes with caps on the maximum value for categorical values. Currently, Alabama residents are not affected by exemption value caps, except to the extent that several state exemptions are not permitted under the Federal Code.
List of exempt property in the State of Alabama
Qualifying for exempt status requires designation within one of numerous exemption categories. Many debtors hope to creatively include non-exempt property under an inapplicable provision, which only results in objections filed by the trustee, the court, or any creditor.