| New
Bankruptcy Law taking
effect on April 20, 2005:
Homesteads:
- The
exemption for a homestead is limited to $125,000 if the property
was acquired within the previous 1215 day (3.3 years). The cap
is not applicable to any interest transferred from a debtor's
previous principal residence (which was acquired prior to the
beginning of such 1215-day period)
-
The value of the state homestead exemption is reduced by any
addition to the value brought about on account of a disposition
of nonexempt property made by the debtor (made with the intent
to hinder, delay, or defraud creditors) during the 10 years
prior to the bankruptcy filing.
- An
absolute $125,000 homestead cap applies if either:
- the
court determines that the debtor has been convicted of a
felony demonstrating that the filing of the case was a abuse
of the provision of the Bankruptcy Code; or
- the
debtor owes a debt arising from a violation of federal or
state securities laws, fiduciary fraud, racketeering, or
crimes or intentional torts that caused serious bodily injury
or death in the preceding 5 years. NOTE: This limitation
is inapplicable if the homestead property is "reasonably
necessary for the support of the debtor and any dependent
of the debtor."
New
Bankruptcy Law taking effect on October 17, 2005:
The state you use for your exemptions is:
- The
state you lived in for the 730 days (2 years) before filing;
or
- If
you did not live in a single state in the previous 2 years you
use the state where you lived the majority of the 180 period
preceding the 2 year period; or
- If
the preceding renders you ineligible for any exemptions then
the debtor is allowed to choose the federal exemptions.
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