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AL SB275
Bill
Status
3/18/2015
Primary Sponsor
Robert Ward
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AI Summary
SB275 Summary
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Increases homestead exemption for surviving spouses from $6,000 to $30,000 and personal property exemption from $3,500 to $10,000.
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Increases individual debtor homestead exemption from $5,000 to $30,000 and personal property exemption from $3,000 to $10,000.
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Allows Alabama debtors filing bankruptcy to elect exemptions under federal bankruptcy law (including Section 522(d) of Title 11) in addition to state exemptions.
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Restricts income levies to a portion of disposable income for individual debtors.
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Becomes effective on the first day of the third month following 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
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
3/18/2015