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AL HB396
Bill
Status
4/2/2015
Primary Sponsor
Jim Hill
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AI Summary
HB396 Summary
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Increases homestead exemption from $5,000 to $30,000 for individual Alabama debtors and surviving spouses of decedents domiciled in the state.
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Increases personal property exemption from $3,000 to $10,000 for individual debtors and from $3,500 to $10,000 for surviving spouses and their children.
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Allows Alabama debtors filing bankruptcy to elect exemptions under federal bankruptcy law in addition to state exemptions, removing the existing prohibition on using federal exemption limits.
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Modifies family allowance provisions to permit lump sum payments up to $30,000 in addition to periodic installment options.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
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.
Homestead Exemption
Last Action
Indefinitely Postponed
6/3/2015