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 Under the new law, the homestead exemption, which allows
bankruptcy filers in some states to exempt the value of their homes
from creditors, is limited in various ways. If a filer acquired their
home less than 1,215 days (40 months) before filing, or if they have
been convicted of security law violations or been found guilty of
certain crimes, they may only exempt up to $125,000 (adjusted
periodically), regardless of a state's exemption allowance. Filers must
also wait 730 days before they are allowed to use their state's
exemptions.<< Back to New Bankruptcy Law  |
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