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What Are the New Federal Residency Requirements for Bankruptcy Filing?

What Are the New Federal Residency Requirements for Bankruptcy Filing?
"""According to the new law, we must search back two years (24 months) from the filing date. In addition, we must consider the six months preceding the two-year period. A person's place of residence for the preponderance of the six-month period will determine which state exemption law applies.

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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"What Are the New Federal Residency Requirements for Bankruptcy Filing?" was written by Mary under the Finance / Wealth category. It has been read 140 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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