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Homestead: Real property up to $5,000; husband and wife $10,000
Pension and Retirement Benefits:
Insurance: up to $250 month
Personal Property: All necessary household goods
Tools of Trade:
Wages: 75%
Miscellaneous: Business partnership property
Public Benefits:
Wild Card: Any personal property up to $3,000, except life insurance
real estate example:
Value $100,000
Mortgage: $80,000
Equity $20,000
up to $5,000 of equity exempt per spouse.
Alabama Law> Alabama Code> Title 6 - CIVIL PRACTICE.> Chapter 10 - EXEMPTIONS.> Section 6-10-2 - Homestead exemption - Amount; area.
The homestead of every resident of this state, with the improvements and appurtenances, not exceeding in value $5,000 and in area 160 acres, shall be, to the extent of any interest he or she may have therein, whether a fee or less estate or whether held in common or in severalty, exempt from levy and sale under execution or other process for the collection of debts during his or her life and occupancy and, if he or she leaves surviving him or her a spouse and a minor child, or children, or either, during the life of the surviving spouse and minority of the child, or children, but the area of the homestead shall not be enlarged by reason of any encumbrance thereon or of the character of the estate or interest owned therein by him or her. When a husband and wife jointly own a homestead each is entitled to claim separately the exemption provided herein, to the same extent and value as an unmarried individual. For purposes of this section and Sections 6-10-38 and 6-10-40, a mobile home or similar dwelling if the principal place of residence of the individual claiming the exemption shall be deemed to be a homestead.
Also
A statute of limitations sets forth the maximum period of time, after the debtor becomes delinquent, that legal proceedings (law suits) can be initiated. After the times shown below, a court will throw out any lawsuit.
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Article X of the alabama constitution?
Article X of the Alabama constitution is called Exemptions. It has seven sections that list property exempt from sale for debt collection.
In Alabama is a surviving spouse responsible for the credit card debt of their deceased spouse?
Alabama is not a community property state, the surviving spouse is not responsible for creditor debt unless he or she was a joint account holder.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
Is the Seagal Americorps Education Award exempt from collection under the Bankruptcy Code?
If it is government insured loan, you cannot get protection/dismissal of it. Otherwise, debt collection is ceased for things once yo declare BK
What are non-exempt assets?
Real or personal property that can be seized by a judgment creditor for repayment of the debt. In most US states garnishment is usually the first choice of executing a judgment, followed by bank levy or the seizure and sale of non exempt property (stocks, bonds, etc.) or a lien against real property.
How can a business collect debt?
A business can collect debt by getting a collection agency to collect the debt. A business could also take it up in court or by putting a lien on the debtor's property.
Does credit card debt expire?
Credit card debt does not expire. If collection for the debt becomes a liability, then the creditor can write off the debt as a total loss or warrant a reposession of property, but the debt itself will never expire on its own.
Can liens be placed on property in North Carolina for non-payment of credit card debt?
Yes, in most cases a lien can be placed against real property belonging to the debtor. If the person is married and it is not a joint debt the property would be exempt from any attempt at forced sale. The N.C. homestead exemption is $10,000.
What is a good debt collection service in Toronto?
There are several acclaimed debt collection service companies in Toronto, Canada. These companies include but are not limited to the Global Collection Consultants Debt Collection Services and the Ontario - Toronto Canada Debt Collection Agency Services.
Is a 12 year old parking ticket past statute of limitations. It is the first notice?
No, the ticket was issued. You had notification of the violation. Most fines are exempt from any debt collection limitations.
Can a debt be passed from one debt collection agency to another?
Yes - absolutely a debt can be passed from one debt collection agency to another.
What is the worst thing that can happen in Pennsylvania if you owe credit card debt and don't pay it?
The person can be sued and if the plaintiff wins a judgment they can execute the judgment against any non-exempt property belonging to the debtor. Pennsylvania does not allow wage garnishment for creditor debt issues, but it does allow bank account levies, liens against real property and in some cases the seizure and forced liquidation of non-exempt assets.
