Which States Bankruptcy Exemptions Can I Use?

You must use the exemptions of the state you have lived in for the last two years. If you have not lived in the same state for the last two years you must use the exemptions of the state where you were living for the better part of the 180 day period ending two years before your filing date. If you did not live in any state during the 180 day period that began two years before filing then you must use the federal exemptions. A separate rule determines whether you may claim your state’s homestead exemption.

If you want to learn more about bankruptcy exemptions contact me today to schedule a free consultation. I will answer all of your questions in plain English and give you the pros and cons of bankruptcy as related to your specific situation.