SB327 Alabama 2015 Session

Sponsors

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

<p class="bill_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</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 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, 6-10-11, 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. </p>

Subjects

Homestead Exemption