Does the individual state affect the type of property that is exempt in Chapter 7 bankruptcy? 6 Answers as of February 04, 2011

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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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes it does.
Answer Applies to: California
Replied: 2/4/2011
Maclean Chung Law Firm
Maclean Chung Law Firm | David H. Chung
Yes. State based exemptions vary by state.
Answer Applies to: California
Replied: 11/30/2010
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
Normally your exemptions are governed by state law. in addition, if you have not resided in the state in which you file for the 2 year period prior to your filing, then the state where you resided in the 6 month period prior to the 2 years prior to your filing will determine what your exemptions will be.
Answer Applies to: South Dakota
Replied: 11/27/2010
Ursula G. Barrios Law
Ursula G. Barrios Law | Guillermo Machado
Yes. Each state has its own exemption laws. California is quite generous in offering up to approx. $23,000 in wildcard protection (this means anything, anywhere) under one of its code sections. The other code section can homestead from $75,000-$150,000in equity depending on household size and type.
Answer Applies to: California
Replied: 11/26/2010
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
It depends on the State: some states have opted for their own exemptions, others follow the federal exemptions provided for in the Bankruptcy Code.
Answer Applies to: Illinois
Replied: 11/25/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Exemptions are determined by the laws of the state where you lived for the 2 years prior to filing your case or, if you lived in more than one state, for the greater part of the 180 days prior to the 2 year period.
    Answer Applies to: California
    Replied: 11/24/2010
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