Domicile is the state in which a person resides permanently or intends to reside permanently, as opposed to where the individual is temporarily residing. Domicile depends on intent and the location of a person's customary sleeping quarters.
When claiming a domicile, what new Minnesota Domicile Bankruptcy rules are applicable?
Before a person can claim Minnesota's full $300,000 equity homestead exemption, they must have lived in the state for at least three years and four months (40 months). Prior to this date, a person's exemption on equity is limited to $136,875 if they have resided in Minnesota long enough to qualify for the exemptions outlined in Minnesota law.
Minnesota Homestead Exemptions: Real property, mobile home, or manufactured home up to $200,000 or $500,000 if the homestead is predominantly used for agricultural purposes; cannot exceed 12 acre in the city or 160 acres elsewhere.
Minn.Stat.Ann. §510.01, 510.02, 550.37 subd. 12
When claiming a homestead, what new Federal Domicile Bankruptcy regulations are applicable?
A person must have resided in the state for a minimum of three years and four months (40 years) before claiming homestead protection in excess of $125,000, according to the new federal bankruptcy law.
Real property, including mobile homes and co-ops, or burial plots valued up to $20,200 are exempt from federal property taxes. 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, may be used for other property.
11 U.S. C. § 522(d) (1) 522(d) (5)""
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