Alabama Increases Homestead and Wildcard Exemptions

Effective June 11, 2015, the Alabama legislature increased several of the exemptions that may be used in bankruptcy.

Effective June 11, 2015, the Alabama legislature increased several of the exemptions that may be used in bankruptcy. Those are:

Homestead exemption. The homestead exemption, previously $5,000, is now $15,000. Married couples can double this exemption if they file a joint bankruptcy petition, bringing the total to $30,000. (To learn more, see The Alabama Homestead Exemption.)

Wildcard exemption. Bankruptcy filers can use the Alabama wildcard exemption to protect a certain dollar limit of any type of personal property other than wages. The legislature increased the former dollar limit of $3,000 to $7,500.