| |
|
|
8. Homestead Exemption
Debtors may elect state exemptions in the
state in which they have lived for the 730 days prior to the
bankruptcy. If they have moved during that 730-day period, the
state exemptions are those for the state in which they lived
the majority of the time for the 180 days before the 730-day
period. Regardless of the level of state exemptions, the debtor
may only exempt up to $125,000 of interest in a homestead that
was acquired within the 1,215-day period prior to the filing,
but the calculation of that amount does not include any equity
that has been rolled over during that period from one house
to another within the same state. For those who have violated
securities laws of engaged in certain criminal conduct, the
cap is $125,000, notwithstanding a higher State law allowance.
To the extent the homestead was obtained through fraudulent
conversion of nonexempt assets during the 10-year period before
the filing, the exemption is reduced by the amount attributed
to the fraud.
|
|
|
