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Questions and Answers
Which state's exemptions would a person be eligible for if they lived there for 6 months prior to filing for bankruptcy?
Which state's exemptions would a person be eligible for if they lived there for 6 months prior to filing for bankruptcy?
- California
- New York
- Texas
- Florida (correct)
In the context of exemption statutes, what is the interpretation of the scope of local public assistance?
In the context of exemption statutes, what is the interpretation of the scope of local public assistance?
- It only includes medical assistance
- It is not clearly defined
- It includes a rent stabilized lease (correct)
- It excludes any form of housing assistance
What happens if the rules require the debtor to not get some state exemption?
What happens if the rules require the debtor to not get some state exemption?
- The debtor must forego all exemptions
- The debtor can apply for international exemptions
- The debtor loses all exemption rights
- The debtor can still use the federal exemptions (correct)
What is the value limitation on exemptions permitting a debtor to retain an heirloom?
What is the value limitation on exemptions permitting a debtor to retain an heirloom?
In bankruptcy cases, what determines the exempt property for debtors?
In bankruptcy cases, what determines the exempt property for debtors?
Under §522(b), what option is available to debtors regarding exempt property?
Under §522(b), what option is available to debtors regarding exempt property?
How long must a debtor live in a state to claim the exemption laws of that state in bankruptcy cases?
How long must a debtor live in a state to claim the exemption laws of that state in bankruptcy cases?
What determines the alternative application of Federal exemptions in bankruptcy cases?
What determines the alternative application of Federal exemptions in bankruptcy cases?
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