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What are the New Federal Domicile Requirements to File for Bankruptcy?
| Guest post by: Dustin Bower |
Article Overview: The new law states that we must look back 2 years (24 months) from the date of filing. In addition, we must then look at the 6 months prior to the 2 years. The place a person lived at the majority of the time in the 6 month period will determine which state exemption law will apply.
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What are the New Federal Domicile Requirements to File for Bankruptcy?
What are the new Federal Domicile requirements to file for Bankruptcy?
The new law states that we must look back 2 years (24 months) from the date of filing. In addition, we must then look at the 6 months prior to the 2 years. The place a person lived at the majority of the time in the 6 month period will determine which state exemption law will apply.
Definition of Domicile: the state in which a person has his/her permanent residence or intends to make his/her residence, as compared to where the person is living temporarily. Domicile depends on intent, location of a home where a person regularly sleeps.
What new Minnesota Domicile Bankruptcy rules apply when claiming a homestead?
The new Minnesota Bankruptcy law states you must have lived in the state for three years and four months (40 months) before a person can claim Minnesota’s full $300,000 of equity homestead exemption. Prior to this time frame, a person is limited to an exemption of $136,875 of equity; provided a person has lived in Minnesota long enough to use the exemptions stated in the Minnesota statues.
Minnesota Homestead Exemptions: Real property, mobile home or manufactured home to $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000; cannot exceed ½ acre in city or 160 acres elsewhere.
Minn.Stat.Ann. §510.01, 510.02, 550.37 subd. 12
What new Federal Domicile Bankruptcy rules apply when claiming a homestead?
The new Federal Bankruptcy law states you must have lived in the state for a minimum of three years and four months (40 years) before as person can claim homestead protection greater than $125,000.
Federal Homestead Exemptions: Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may be used for other property and - $1,075 of any property, and unused portion of homestead up to $10,125.
11 U.S. C. § 522(d) (1) 522(d) (5)
Dustin Bower is the founder and owner of Bower Law Office, PLLC. Dustin has experience in a wide range of legal areas, including bankruptcy, child welfare and advocacy, administrative law, criminal law, unemployment law, corporate law, and business litigation. Dustin's most recent legal experience involved working with several large engineering and construction firms responsible for the 35W bridge redesign and construction.
Dustin is also very active in the non-profit community. He currently volunteers through Minneapolis Achieve, a program that puts professionals in contact with at-risk inner city high school students.
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About the Author: Dustin Bower RSS for Dustin's articles - Visit Dustin's website Click here to visit Dustin's website   Minnesota Foreclosure Laws CREDIT SCORES WHAT AFFECTS IT AND HOW IT AFFECTS YOU What is the difference between a Chapter 7 and a Chapter 13 bankruptcy What is an automatic stay What are My Business Formation Options |
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