Bankruptcy has become a major concern for people all round the world. Though the economic recession has started receding, its impact is widely felt throughout the entire country. More and more people are losing their jobs with each day that passes by. Alabama Bankruptcy court, located in the state of Alabama, in the United States of America continues to receive large number of both business and personal bankruptcy petitions. These records go straight into the Alabama court records database. The US law makes it compulsory for the concerned authorities to make all such records publicly available, if any such request is made.
As per the Alabama Bankruptcy Records, the state is ranked 3rd among the 51 states within the United States of America for the number of bankruptcy cases filed in the year 2008. The number of bankruptcy cases filed under the Alabama bankruptcy law Chapter 7, Alabama bankruptcy law Chapter 11 and Alabama bankruptcy law Chapter 13 for 2008 crossed more than seventeen thousand. This figure stands for around 2 % representation in the national statistics. Even across United States a steady rise in the number of cases filed was noticed in comparison to the previous year's filings. There was an increase in the bankruptcy cases filed by around 28 % in the year 2008.
The Alabama Bankruptcy Court allows both individuals as well as business houses to file cases of bankruptcy under all of the four categories such as Alabama Bankruptcies Chapter 7, Chapter 11, Chapter 12 and Chapter 13. According to the latest records of the Alabama Bankruptcy Database, the total bankruptcy cases filed under Chapter 7 was more than 19000, cases filed under Chapter 11 was around 160, under Chapter 12 was 3 and cases filed under Chapter 13 exceeded 21000.
Alabama Federal Bankruptcy Records suggests certain exemptions pertaining to the bankruptcy cases. These exemptions are provided below:
- Under Bankruptcy law section 6-10-2 any real asset or mobile home up to US$ 5000 but the property should not go beyond 160 acres
- Under Bankruptcy law section 6-10-20 all homestead declarations have to be recorded before the sale of the house
- Under Bankruptcy law section 27-14-32 up to US$ 250 per month of the annuity incomes is exempted
- Under Bankruptcy law section 27-14-31 up to US$ 250 per month of the disability income is exempted
- Under Bankruptcy law section 27-34-27 fraternal or society benefits are exempted
- Under Bankruptcy law section 6-10-8 income from life insurance policy meant for the spouse or child is exempted
- Under Bankruptcy law section 27-14-29 income from life insurance policy meant for the benefit of the wife of the policy holder in exempted
- Under Bankruptcy law section 27-15-26 income from life insurance if it is mentioned in the clause that it is not to be used for repaying the creditor of the beneficiary is exempted
- Under Bankruptcy law section 27-30-25 mutual aid association benefits are exempted
The Alabama Bankruptcy Records is an extremely good source to find all kinds of information on Alabama Bankruptcy Court Records and Alabama Bankruptcy Public Records. The Alabama State Bankruptcy Records are widely accessible with the help of the Alabama Bankruptcy Court Records Search. If you need any kind of information on Alabama Bankruptcy Record, you just need to provide a search over the Internet. You will come across several websites providing information on bankruptcy court records in Alabama. For accessing these Alabama bankruptcy court records you need not pay any charges, but if you take out copies of such Alabama court record on bankruptcy you will have to pay for the same. The rates are not very high and usually fixed by the Judiciary itself.
The next question is how exactly you search for the Alabama bankruptcy records. This is easy provided you have access to certain details. All internet searches require a key which is used to retrieve the requested information from the database. If your query pertains to an individual it could well be his or her name. However, it is desirable that you possess the case number before proceeding with the search operation. Alabama Bankruptcy court records of large organizations are sometimes made available on the state government's website to provide all necessary information to citizens under the jurisdiction of the Alabama court.
As already mentioned that there are several websites that gives you access to Alabama court record with the minimal of effort. But not all websites are reliable and some even charge money. It is recommended that you go through the terms and conditions of use before actually using any particular website.
The most authentic source for obtaining the Bankruptcy records of Alabama is the PACER database. PACER or Public Access to Court Electronic Records allows the citizens of Alabama to view the Alabama bankruptcy public records for the payment of nominal service charges. This service is fast, reliable and can be accessed from the comforts of your home provided you have access to the internet. PACER also allows its registered users to obtain the hardcopy of the Alabama Bankruptcy Federal records for their future use and reference.
One other alternate source for the same information that is worth mentioning is the United States Bankruptcy Records Court, Northern District of Alabama website. Once on the home page of the website you will come across two menus titled ?Bankruptcy info' and ?Public Access'. All you need to do is click on the link that is of use to you. You will find all Alabama state bankruptcy records in no time at all. The thing that will be of use to most of you is the CM/ECF which is a web based application designed by the Alabama Bankruptcy court to provide its citizens with updated electronic court information and docket records.
The Alabama Bankruptcy Records provide the citizens in the state of Alabama with valuable guidelines especially when it comes to investment in smaller organizations, about which information is not easily available. A proper study of Alabama Bankruptcies is essential if you want to save your hard earned money in these economically tough times. Experts recommend that you go through Alabama Bankruptcy Database before engaging in any financial transactions. Even the banks depend on bankruptcy records before sanctioning a loan to an individual or an organization.