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.

The Homestead Exemption

Each state sets up special exemptions for their bankrupt debtors, giving these individuals a chance to keep important property through the Chapter 7 process. Alabama has several exemptions for properties such as tools of trade and wildcard sums. However, the homestead exemption is extremely important for many people facing bankruptcy.

To learn more about your bankruptcy options and how we can help you move forward, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.

How Does the Exemption Work?

Alabama’s homestead exemption provides a set sum of money that may be used specifically to prevent the loss of real estate or a mobile home. This money may prove crucial to prevent foreclosure, which can leave a family without a place to stay following bankruptcy. The following rules are set for Alabama’s homestead exemption:

  • $5,000 for an individual
  • $10,000 for a married couple
  • Property cannot exceed 160 acres
  • Cannot use exemption after an attempted sale

This exemption provides home owners with a chance to keep their property in the event of a bankruptcy, which can help maintain financial stability for the future. Although their credit score may be damaged by the bankruptcy, the value of their property can help improve future credit opportunities.

Contact Us

If debt has brought you to a financial crisis point, bankruptcy may be a viable solution. For more information regarding your rights and options as a debtor, contact the Birmingham bankruptcy lawyers 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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I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
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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