Alabama Bankruptcy Code

The Alabama Bankruptcy Code provides legal procedures for individuals and businesses in Alabama to manage their debts when they can no longer pay them. It allows debtors to either negotiate repayment plans, reduce or eliminate certain debts, or liquidate assets to satisfy creditors. The goal is to give debtors a fresh financial start while ensuring fair treatment of creditors. The code aligns with federal bankruptcy laws but includes state-specific rules and courts to oversee the process within Alabama. It aims to balance debt relief with fiscal responsibility and legal clarity for all parties involved.