Federal Exemptions

* unused portion of homestead to $10,125 may be applied to any property.
NOTE: These are the major bankruptcy exemptions, effective April 1,2007.

Homesteads:

• The exemption for a homestead is limited to $125,000 if the property was acquired within the previous 1215 day (3.3 years). The cap is not applicable to any interest transferred from a debtor's previous principal residence (which was acquired prior to the beginning of such 1215-day period);
• The value of the state homestead exemption is reduced by any addition to the value brought about on account of a disposition of nonexempt property made by the debtor (made with the intent to hinder, delay, or defraud creditors) during the 10 years prior to the bankruptcy filing.
• An absolute $125,000 homestead cap applies if either:
• the court determines that the debtor has been convicted of a felony demonstrating that the filing of the case was an abuse of the provision of the Bankruptcy Code; or
• the debtor owes a debt arising from a violation of federal or state securities laws, fiduciary fraud, racketeering, or crimes of intentional torts that caused is inapplicable if the homestead property is "reasonably necessary for the support of the debtor and any dependent of the debtor."

The state you use for you exeptions is:

• The state you lived in for the 730 days (2 years) before filing; or
• If you did not live in a single state in the previous 2 years you use the state where you lived the majority of the 180 period preceding the 2 year period; or
• If the proceding renders you ineligible for any exemptions then the debtor is allowed to choose the federal exemptions.