When a person wants to take advantage of a state bankruptcy exemption, they need to follow the proper legal process. This can require a person to file paperwork in order to legally declare a particular piece of property as counting towards an exemption. These exemptions are often defined on a state-by-state basis, giving various properties or forms of income protection from bankruptcy proceedings.
For assistance in identifying available bankruptcy exemptions in your situation, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.
Standards for Declaring an Exemption
According to Alabama state law, a person wanting to declare bankruptcy who wishes to claim an exemption needs first to list this property as part of a particular class of exemptions. The following steps must be taken before a property can be accepted for an exemption:
Fill out the proper paperwork
File those papers with a probate judge if the property is a house
File those papers with the county if personal property
Declare any exemptions prior to attempted sale of that property
If a person does not adhere to the procedural requirements associated with declaring an exemption, they may find that their request will not be granted and that these otherwise protected properties might be subject to the jurisdiction of the bankruptcy trustee or judge.
If you are struggling to manage an overwhelming debt load, bankruptcy may be a solution for you. To learn more about your options as a debtor and how we may be able to help you, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.