Does the individual state affect the type of property that is exempt in Chapter 7 bankruptcy? How? 14 Answers as of July 27, 2015

I am trying to determine which property is exempt because I am in bankruptcy planning for a chapter 7 bankruptcy. Does it depend on the individual state where I file?

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Stephens Gourley & Bywater | David A. Stephens
Every state must decide whether to follow the federal bankruptcy exemptions or set their own. Those that set their own have many varying exemptions.
Answer Applies to: Nevada
Replied: 7/27/2015
Ronald K. Nims LLC | Ronald K. Nims
Yes, different states have different exemptions. You need to determine which state's exemptions apply in your case.
Answer Applies to: Ohio
Replied: 7/27/2015
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Yes, it not only depends on where you file but what jurisdiction's exemptions you're entitled to use. You can have venue in California and be required to use the state of your prior residence for exemptions. Every state uses different exemptions. Some use Federal and some don't. This is where a knowledgeable local bankruptcy attorney is important.
Answer Applies to: California
Replied: 7/27/2015
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
It most certainly does. You should be consulting with an experienced bankruptcy attorney - either that, or its up to you yourself to interpret the state exemption laws. I'd say that's somewhat similar to doing your own dental work - I suppose you could, but who would do that? You're doing this once - do it right.
Answer Applies to: California
Replied: 7/27/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes. What state your are in (or came from does matter. Google your state name and "exemptions".
Answer Applies to: California
Replied: 7/27/2015
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Yes, Google your state exemption laws. For example, "Colorado exemption laws". Also, if you lived in a different state in the past two years, they will apply the exemption laws from that state. Sounds like you are doing your own Chapter 7 filing. Pay an experienced lawyer their hourly rate for an hour of their time to review your papers.
    Answer Applies to: Colorado
    Replied: 7/27/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Well you sort of understand. In 2005, the bankruptcy law changed to provide that you can use the exemptions in the state where you have lived during the last 2 years. If you haven?t lived in your current state for more than 2 years, then the exemption laws in the state where you used to live will apply. But it can get complicated, because some states require you be a current resident in order to use their exemption laws.
    Answer Applies to: Nevada
    Replied: 7/27/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    Yes. Each state has the option to follow the federal bankruptcy exemptions or, to "opt out" of the federal exemption scheme and provide its own set of exemption statutes. A few states offer the debtor a choice of using either state or federal exemptions. The exemptions vary quite significantly from state to state, so it is critical to do your "homework" and to make sure you are looking at the correct set of provisions. This is only one of many reasons why hiring a lawyer to guide you might be a good idea.
    Answer Applies to: Colorado
    Replied: 7/27/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    Yes, there are a number of rules governing where you file for bankruptcy and which exemptions to use. Congress gave the states the right to opt into or out of the federal bankruptcy exemptions. There is a website called exemptions express which is a useful guide but only a lawyer can tell you for certain which exemptions to use. Anyone else giving you such advice is practicing law without a license.
    Answer Applies to: Oregon
    Replied: 7/27/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Yes. Although bankruptcy is a federal matter, Congress permitted the states to determine if their residents could use the federal bankruptcy list of exemptions, or were limited to the state list. Wisconsin permits a debtor to choose either the Wisconsin or the federal list. You could save yourself a lot of risk and bother by hiring an experienced bankruptcy lawyer. It's almost always worth the investment. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 7/27/2015
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    The answer depends on which state you live in. Every state has its own unique set of bankruptcy exemptions. In contrast, the federal bankruptcy exemptions are found in the federal bankruptcy code and do not differ from state to state. Most states require bankruptcy filers to use the state exemptions. Some states allow debtors to choose between the state exemptions or the federal bankruptcy exemptions. If you have a choice, you must one or the other you cannot mix and match between the lists of state and federal exemptions. Currently, if you live in one of the following states, you can choose to use the federal bankruptcy exemptions. If not, then you are limited to your state's exemptions. These states include Alaska, Arkansas, Connecticut, District of Columbia, Hawaii, Kentucky, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Texas, Vermont, Washington, and Wisconsin.
    Answer Applies to: New Jersey
    Replied: 7/27/2015
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