Each state can set their own exemptions for their individual bankruptcy codes. Alabama has established a special exemption for certain public workers. According to this exemption, these public workers can keep their pensions despite the terms of their bankruptcy. The exemption allows these individuals to essentially keep their retirement plan in place, even though they are going through bankruptcy and creating a plan to pay back creditors.
If you have reached a point of debt where financial recovery seems impossible, bankruptcy may be a viable choice for regaining control of your debt. For more information about how we can help debtors devise the best bankruptcy plans for their situation, contact the knowledgeable Birmingham bankruptcy attorneys of [firm-name], at [phone-number] today.
The exemption provided by the state applies to many different public workers. This exemption offers them to opportunity to keep a semblance of financial stability despite the seriousness of their debt. According to the state code, the following types of public workers can file for a pension exemption during their bankruptcy proceedings:
With a pension saved from bankruptcy collections, these public workers can continue working at their important jobs without becoming overwhelmed with possible retirement concerns.
Bankruptcy may be the right solution for a debtor if they cannot manage their creditors any longer. If you are in this dangerous financial position, we may be able to help. To discuss what bankruptcy options could work for you, contact the experienced Birmingham bankruptcy lawyers of [firm-name], today by calling [phone-number].