Under existing law, Alabama residents are entitled to a homestead exemption to protect their home from sale or levy by creditors. The existing homestead exemption amount is $15,000 and is adjusted every three years for inflation. For collection purposes, the law requires residents use the exemption amount in effect at the time the debt was incurred. This bill would increase the homestead exemption to $56,400 for residents over 62 years of age and individuals with disabilities. Additionally, this bill would require the exemption amounts used in bankruptcy cases to be determined as of the filing date of the petition rather than the date of the debt. This bill would also make conforming changes and nonsubstantive, technical revisions to update the existing code language to current style.