SB327 Alabama 2015 Session

Updated Jul 24, 2021

Senate Bill

Enacted

Current Status

Regular Session 2015

Session

Sponsor

Summary

Primary Sponsor: Cam Ward
Republican
Session: Regular Session 2015
Title: Debtors, homestead exemption and personal property exemption, increased, Secs. 6-10-2, 6-10-6, 6-10-11, 43-8-110, 43-8-111, 43-8-113, 43-8-115 am'd.
Description: 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.
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.
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.
Existing law also prohibits an Alabama debtor filing bankruptcy from protecting property in accordance with federal exemption limits.
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.
This bill would also allow debtors filing bankruptcy the option of exempting homestead and personal property in accordance with federal bankruptcy law.
This bill would restrict the amount of income that may be levied to a portion of disposable income of an individual.
Subjects: Homestead Exemption