SB427 Alabama 2014 Session

Sponsors

Session

Regular Session 2014

Title

Debtors, homestead exemption and personal property exemption, increased, Secs. 6-10-2, 6-10-6, 6-10-7, 6-10-11, 43-8-110, 43-8-111, 43-8-113, 43-8-115 am'd.

Description

<p class="bill_description"> SYNOPSIS: Under existing law, surviving spouses of decedents domiciled in the state are entitled to a six thousand dollars ($6,000) homestead allowance and personal property valued at three thousand five hundred dollars ($3,500) in excess of any security interests in furniture, automobiles, furnishings, appliances, and personal effects</p><p class="bill_description"> Existing law also provides that if there is no surviving spouse, each minor child and dependent child of the decedent is entitled to an equal share of that allowance</p><p class="bill_description"> Existing law also provides that an individual Alabama debtor is entitled to a homestead exemption of $5,000 and a personal property exemption of $3,000, a married couple is entitled to the homestead exemption and the personal property exemption</p><p class="bill_description"> Existing law also prohibits an Alabama debtor filing bankruptcy from protecting property in accordance with federal exemption limits</p><p class="bill_description"> This bill would have the effect of increasing the homestead exemption to $30,000 and the personal property exemption to $10,000 for surviving spouses and an individual debtor</p><p class="bill_description"> This bill would also allow debtors filing bankruptcy the option of exempting homestead and personal property in accordance with federal bankruptcy law</p><p class="bill_description"> This bill would provide for an assessment and reasonable adjustments, by the State Treasurer every three years, of allowable exemption rates based on the federal Consumer Price Index</p><p class="bill_description"> This bill would restrict the amount of income that may be levied to a portion of disposable income of an individual</p><p class="bill_entitled_an_act"> To amend Sections 6-10-2, 6-10-6, 6-10-7, 6-10-11, 43-8-110, 43-8-111, 43-8-113, and 43-8-115, Code of Alabama 1975, to increase permissible exemptions available to a surviving spouse to thirty thousand dollars ($30,000) for homestead and ten thousand dollars ($10,000) for personal property; to increase an Alabama debtor's individual homestead exemption to thirty thousand dollars ($30,000) and an individual's personal property exemption to ten thousand dollars ($10,000), to provide debtors filing bankruptcy options of additional exemptions allowable under federal bankruptcy law; to restrict the amount of income that may be levied to a portion of disposable income; and to add Sections 6-10-12 and 43-8-116 to the Code of Alabama 1975, to provide for an assessment and reasonable adjustment of allowable exemption rates, by the State Treasurer every three years, based on the federal Consumer Price Index. </p>

Subjects

Homestead Exemption