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.

Wild Card Exemption

Under many states’ bankruptcy codes, there is a special exemption for debtors known as a wild card exemption. This exemption allows debtors filing for bankruptcy to protect their property in general against bank auctioning. Each state sets their own limits for the wild card exemption and selects what kind of additional bonuses a wild card exemption may yield.

If you are struggling financially and think bankruptcy may be the right choice but you are worried about what will happen to your property, we can help. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today to discuss your bankruptcy options with a skilled and experienced legal advisor.

Wild Card Exemptions in Alabama

Like most states, Alabama permits debtors to set aside a portion of their property under a special bankruptcy exemption. This exemption can be used in almost any way the debtor sees fit. Wild card protection can split across multiple types of property if necessary. Additionally, the wild card exemption may be used in conjunction with other bankruptcy exemptions if a property exceeds that exemption’s limit. In Alabama, these exemptions are set as follows:

  • $3,000 of property for a single individual
  • $6,000 of property for a married couple
  • Total protection works against equity, not actual worth

According to the law, these exemptions take equity into account instead of worth. For example, if someone purchases a $12,000 car with a $9,000 loan, this exemption can be used to cover the difference and to allow an individual to keep the car.

Contact Us

If you are facing financial difficulties that cannot be managed or consolidated, bankruptcy might be right for you. To learn more about your options under the law, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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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+