Benevolent Societies and Bankruptcy
Many Americans use benevolent societies as a way to stay connected with friends and financially help each other in desperate times. These groups have been instrumental for many Americans’ financial stability, as the collective assistance of the group’s members has been able to bolster an injured or financially ruined member. The usefulness of these groups has led Alabama to accept a bankruptcy exemption for the benefits given by these groups.
If you are considering a bankruptcy filing and are currently receiving assistance from a benevolent society, we can help you to ensure that your benefits are adequately protected. Contact the Birmingham bankruptcy exemption lawyers of GREENWAY BANKRUPTCY LAW, LLC, at (205) 324-4000 today.
Society Benefits and Bankruptcy Proceedings
A member of a benevolent society may be given a significant amount of money to deal with overwhelming medical bills or work their way out of debt after a business fails. These societies can offer substantial financial protection if their members are in dire need of the money. During bankruptcy, it is often crucial that a debtor protects their sources of income if they are expected to financially rebuild.
The following types of organizations may be considered benevolent societies:
- Religions benefit groups
- Fraternities and sororities
- Mutual aid institutions
- Healthcare groups
These groups often provide very important benefits for members, who have provided the group with a membership fee. In this way, these groups serve as a type of insurance, which is protected by Alabama bankruptcy exemptions.
If you are facing bankruptcy due to overwhelming debt problems, there may be exemptions available to guard your remaining sources of support. For a free consultation regarding your options during bankruptcy, contact the Birmingham bankruptcy exemption attorneys of GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 today.