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.

Exempt and Non-Exempt Property

If you are struggling with a difficult financial situation, then you should know that you still have options for resolving your debt. As a consumer, you may be eligible to file for either Chapter 7 or Chapter 13 bankruptcy.

Under Chapter 7 bankruptcy, many of your unsecured debts will be discharged, and your assets will be divided into exempt and non-exempt property. All non-exempt property will be sold and/or used to pay off the remaining secured debts and unsecured debts, such as child support, that could not be eliminated.

Dividing Your Property

After you file for Chapter 7 bankruptcy, you will be appointed a trustee by the court. This individual will divide up your property and assets into exempt and non-exempt items. Typically, exempt property includes the following:

  • Motor vehicles
  • Reasonable appliances and furniture
  • Clothing
  • Some jewelry
  • Portion of equity in your home
  • Any tools used for your work
  • Public benefits
  • Earned damages

This leaves items such as expensive collections, cash, second homes and vehicles, stocks and bonds, heirlooms, and expensive instruments to be sold as non-exempt property. The money earned from these goods will be used to resolve your debt.

It can be difficult to part ways with assets that you bought with your own, earned money. An experienced bankruptcy attorney can help guide you through this process, however, and make it a bit easier on you.

Contact Us

If you would like to learn more about exempt and non-exempt property, or if you are ready to file for Chapter 7 bankruptcy, then the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC can help. Contact us today at (205) 324-4000 to speak with an attorney about your options.

"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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"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
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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