Wage Exemptions in Alabama
Each state establishes its own specific bankruptcy exemptions which bankruptcy filers within the state may elect to use. For example, a person may exempt a portion of their unpaid wages from inclusion in consideration of a bankruptcy filing. These exemptions must be sought prior to an individual or business’s petition for bankruptcy protection. As these unpaid wages can help a debtor to begin resolving debts or to regain his or her financial footing, the bankruptcy code reflects a desire to avoid penalizing this income.
Living in a state of constant financial distress can be exhausting and can even produce dangerous health effects. Bankruptcy protection can help you to put an end to this strain. For legal counsel and representation that can help you to protect your unpaid wages, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.
Exemptions for Wages
Unpaid wages represent a means for a debtor to help themselves begin the process of rebuilding their finances. For many individuals, a wage exemption during bankruptcy can provide an important source of income when it is needed most. The following are some important aspects of wage exemptions in Alabama:
75 percent of the unpaid wages may be declared exempt
Wages must be earned, although unpaid
A bankruptcy judge has the authority to modify this amount
Low-income debtors may increase this exemption
If you are facing bankruptcy, the process can seem overwhelming at times. However, with the assistance of a skilled and experienced attorney, you can be sure to avoid a number of the potential pitfalls. For help seeking a fresh start without sacrificing your earned but unpaid wages, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.