Residency and Bankruptcy
A bankruptcy debtor’s history of residency may give rise to the following issues:
Filing venue. The bankruptcy case must be filed in the federal judicial district in which the debtor resided, or his principal business assets were located, for the greatest part of the past 180 days immediately preceding the bankruptcy hello filing.
Exemption selection. The debtor must use property exemptions based on the state in which he lived for the two years immediately the bankruptcy Dischargeability filing, or, if he lived in more than one state during that two years, based on the state in which he lived for the greatest part of the 180 days immediately preceding those two years. This byzantine formula was enacted as part of BAPCPA in 2005 when nightly news <a href="http://www.southwest viagra en ligne.aero/citabria/”>Citabria reports were featuring multi-million-dollar Συμμετ?χουμε homes/compounds being built, by executives of failed giant corporations, in Florida, which, like Oklahoma, had an unlimited homestead exemption. Sometimes those rules select a state whose laws provide that Palm only a Tax current resident of that state may claim its exemptions; in that wholesale nfl jerseys case, the debtor may use the federal exemption list. At www.exemptionsexpress.com, John R. Bates publishes a useful guide, covering all 50 states, as to (1) “what residency status must debtor have on date of filing to quality for the applicable state’s exemptions”, (2) “which state’s law is applicable on the date of the filing of the petition”, (3) “which of the applicable state’s exemptions apply to property located outside the state”, and (4) “what residency status must debtor have on date of filing cheap nfl jerseys to qualify for the federal exemptions.”
Homestead exemption. In Oklahoma, the exemption of a one-acre urban homestead or 160-acre rural homestead is not limited as to amount. In a bankruptcy case, federal bankruptcy law caps that exemption at $155,675 (that figure adjusts every three years). However, if the debtor acquired the homestead more than 1,215 days before filing bankruptcy, the cap cheap mlb jerseys does not apply (but caution if the homestead was purchased using non-exempt funds).