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Tools of the Trade

Under bankruptcy law, there are several different types of property that may be retained by a debtor through the bankruptcy process. Although each state has a specific designation as to what is considered exempt and non-exempt in terms of raising debt repayment funds, many states include special provisions for what are known as tools of the trade. In the state of Alabama, the law states that debtors may keep whatever tools of the trade are necessary to maintain their income.

For more information regarding what property you may be able to keep during a bankruptcy, contact a Birmingham bankruptcy lawyer from Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.

What are Tools of the Trade?

Although the meaning of “tools of the trade” may seem obvious at first, it is a little more complicated in the eyes of the law. According to the law, tools of the trade only consist of those items absolutely necessary to successfully pursue a business. Consider the following tools of the trade:

  • Work vehicles used directly in the debtor’s business
  • Work uniforms and issued tools
  • Military uniforms and government-issued property
  • Machines or hand tools necessary for work
  • Computers necessary for business
  • Necessary work animals

According to the law, a tool of the trade is defined as something essential to the debtor’s business. As a result, the debtor’s line of work largely determines what is allowed to be retained. For a small business owner who works out of a home office, a basic computer may be required. However, a farmer may need to keep some large machines and vehicles to keep his or her business afloat.

Contact Us

To learn more about how the law can assist debtors in rebuilding their finances during bankruptcy, contact a Birmingham bankruptcy attorney from Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.

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