Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Insurance Exemptions During Bankruptcy

Debtors in Alabama may use certain exemptions during bankruptcy proceedings to protect some of their insurance policies. These exemptions help debtors hold on to important financial benefits that can significantly improve their future financial safety. Without these insurance benefits, a debtor may go through bankruptcy only to find that their remaining finances are unprepared to handle certain expenses.

In some cases, experienced lawyers may be able to help you find exemptions during your bankruptcy case that can help make your life easier in the future. For more information regarding your rights and options as a debtor in bankruptcy, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.

Exemptions for Insurance Policies

Debtors facing bankruptcy can lose most of their assets and property when they go through bankruptcy, especially in chapter 7 proceedings. However, filing for bankruptcy can also clear out much of their debt. With the assistance of certain exemptions, the government allows these debtors to hold on to important properties and insurance policies that may play a significant role in rebuilding the debtors’ financial stability.

The following exemptions are available for insurance policies in Alabama:

  • A maximum of $250 each month for annuity proceeds
  • An average of $250 each month disability proceeds
  • Life insurance proceeds only if children or a spouse are the beneficiaries
  • Life insurance proceeds if the policy forbids using the policy for creditors
  • Benefits from membership in a fraternity

These benefits can help debtors keep some of their financial protection for the future, and a knowledgeable attorney can further defend your rights during this difficult time.

Contact Us

If you have been struggling to manage your debt, bankruptcy may provide a useful solution. To learn more, contact the qualified Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+