When financial burdens become overwhelming and you can’t find a way out, the prospect of bankruptcy can be appealing. The process can help you shed debt and claim a fresh financial start in your time of need, serving as a financial lifeline when things look bleak.
But if you’re like a lot of Alabamians, then you’re worried about what your stability will look like post-bankruptcy. A lot of people erroneously believe that they’ll be left with nothing once all is said and done, but this simply isn’t the case.
How bankruptcy exemptions can provide you with stability
Bankruptcy is meant to get you back up on your feet, not completely ruin you. That’s why when you pursue personal bankruptcy you can rely on bankruptcy exemptions to keep some of your property. This includes:
- Up to $16,450 in home equity through the homestead exemption.
- Up to $8,225 in personal property, which includes everything from bank accounts jewelry, tools, cars, and electronics.
- All clothing.
- All workers’ compensation benefits.
- Retirement benefits including 401(k)s and many pensions.
Keep in mind, too, that these exempt values double if you’re married. Remember that there are a lot of nuances to the bankruptcy code, so make sure you have a full understanding of it to maximize your ability to protect your financial stability post-bankruptcy.
Are you ready to pursue debt relief through bankruptcy?
If so, then now is the time to act. There’s no sense in putting yourself through the stress and struggle associated with trying to claw your way out of debt. You can put in work today to secure the new beginning that you need. So, if you’d like to learn more about what bankruptcy can do for you, then please continue to read our blog and the rest of our website.