chapter bankruptcy
Yaser Arafat of Bankruptcy?
Exemption laws are crucial to any personal bankruptcy filing. Indeed, the availability of exemptions is usually key to the determination of whether to file bankruptcy in the first place. If the debtor has significant amounts of property that could potentially be lost in a chapter 7 liquidation, chapter 13 may be the answer. Even in a chapter 13 setting, the value of nonexempt property may determine the minimum that must be paid to unsecured creditors. All bankruptcy lawyers can agree about the fundamental importance of the exemption laws, however, sometimes it can be tricky figuring out which state’s exemption laws apply.
When states have opted out of federal exemption standards and created their own, choice of exemption law is decided by domicile. The state exemption law that applies to a debtor is determined by the state in which the debtor’s domicile has been located for the 730 days (two years) immediately preceeding the filing. What if the debtor has lived in two different places in the past two years? For example, North Carolina has experienced rapid growth in population by people drawn to its pleasant climate and strong economy. For the new North Carolina resident formerly of Florida whose exemption laws apply?
If the debtor’s domicile has changed in the last two years, the determining factor for exemption law purposes will be where the debtor resided for the 180 day period preceding the two year period. In other words, we look back two years plus 180 days. Wherever the debtor spent the majority of the 180 day period will be his or her exemption state. The plot thickens when the debtor’s exemption state requires that a debtor be a resident to take advantage of its laws. Some states such as Goergia limit their exemption laws to domiciliaries (defined as someone who lived in Goergia longer than anywhere else in the 180 day period preceeding the bankruptcy filing).
So what becomes of the debtor who lived in Goergia for 10 years but moved to North Carolina 1 year ago? Let’s run through the analysis. Since the debtor has not lived in North Carolina for the last two years, North Carolina exemption law is not applicable. We turn to the Goergia bankruptcy exemptions. But wait! Goergia law mandates residency in Goergia in order to claim its exemptions. Have we created the Yasir Arafat of bankruptcy debtors? No protection from any bankruptcy exemption laws. Thankfully, No. If the effect of this complicated residency scheme is to render the debtor ineligible to claim any exemptions, the debtor may elect to exempt property under the federal exemptions, even if the state of the debtor’s domicile is an opt out state.
Charlotte bankruptcy lawyer John O’Connor contributing. With offices serving Winston-Salem, High Point, Greensboro and Charlotte, North Carolina, The O’Connor Law Firm specializes in consumer bankruptcy as well as real estate finance issues.*
About the Author
Understand everything about bankruptcy at bankruptcy forum, personal bankruptcy forum and bankruptcy law
|
|
Chapter 13 Bankruptcy Petition Preparation! $199.00 |
|
|
Chapter 7 Consumer Bankruptcy Strategies by Aspatore Books (2009, Paperback) $162.79 |
|
|
Chapter 7 Commercial Bankruptcy Strategies: Leading Lawyers on Counseling Cli… $105.53 |
|
|
Bankruptcy and Restructuring Chapter 11 Strategies 2009 $83.86 |
|
|
Bankruptcy and Restructuring Chapter 11 Strategies 2009:Top Lawyers on Trends… $77.52 |
|
|
BANKRUPTCY AND RESTRUCTURING CHAPTER 11 STRATEG – ASPATORE BOOKS (PAPERBACK) NEW $77.50 |
|
|
Chapter 7 Bankruptcy Petition Preparation! $70.00 |
|
|
Bankruptcy Chapter 7 Forms Kit and Bankruptcy Chapter 13 Forms Software Kit $60.00 |
|
|
How to File for Chapter 7 Bankruptcy by Albin Renauer, Robin Leonard and… $49.95 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elias NEW $44.60 |
|
|
Filing for Chapter 13 Bankruptcy: What You Need to Know $43.10 |
|
|
Filing for Chapter 11 Bankruptcy: What You Need to Know $43.04 |
|
|
Chapter 13 Bankruptcy: Ke.., Elias, Stephen and Leona 9781413310696 NEW Book $35.03 |
|
|
How to File for Chapter 7 Bankruptcy By Elias, Stephen/ Leonard, Robin/ Renauer, $34.34 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts $33.70 |
|
|
CHAPTER 13 BANKRUPTCY – ROBIN LEONARD STEPHEN ELIAS (PAPERBACK) NEW $33.68 |
|
|
NEW – How to File for Chapter 7 Bankruptcy $33.67 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay D $33.67 |
|
|
NEW Filing for Chapter 13 Bankruptcy – Leibowitz, David $32.26 |
|
|
Consumer Bankruptcy: The Complete Guide to Chapter 7 an $29.71 |
|
|
Filing for Chapter 13 Bankruptcy: What You Need to Know (Quick Prep), David Leib $29.41 |
|
|
1991 Press Photo Glen Becker father recession Chapter bankruptcy petition $27.88 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elias Attorney, Albin Renauer J. $26.00 |
|
|
How to File for Chapter 7 Bankruptcy by Albin Renauer, Robin Leonard and… $25.12 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts over Time by Robin… $25.12 |
|
|
How to File for Chapter 7 Bankruptcy by Albin Renauer, Robin Leonard and… $21.95 |
|
|
Bankruptcy: General provisions of chapter 7, Audio $21.00 |
|
|
The Complete Chapter 13 Personal Bankruptcy Guide NEW $20.42 |
|
|
David M. Siegel’s Chapter 7 Success survive bankruptcy $19.99 |
|
|
How to File for Chapter 7 Bankruptcy by Albin Renaue… $18.95 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elia… $18.95 |
|
|
Complete Chapter 7 Personal Bankruptcy Guide NEW $18.21 |
|
|
THE COMPLETE CHAPTER 7 PERSONAL BANKRUPTCY GUI – EDWARD A. HAMAN (PAPERBACK) NEW $18.19 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts over Time by Robin… $17.00 |
|
|
Chapter 13 Bankruptcy: Repay Your Debts, Fifth Edition $16.95 |
|
|
Saving Your Business: How to Survive Chapter 11 Bankruptcy and Successfully… $16.95 |
|
|
How To File For Chapter 7 Bankruptcy 13th Edition by St $16.80 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elias (2002, Illustrated) $15.99 |
|
|
How to File for Chapter 7 Bankruptcy by Elias Renauer $15.95 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time, Robin Leonard $15.93 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts over Time by Robin… $15.00 |
|
|
Nolo chapter 13 bankruptcy $14.99 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elias, Robin Leonard and… $14.95 |
|
|
How to File for Chapter 7 Bankruptcy by Albin Renaue… $14.95 |
|
|
Chapter 13 Bankruptcy: Keep Your Property & Repay D $14.54 |
|
|
The Complete Chapter 7 Personal Bankruptcy Guide $13.51 |
|
|
How to File for Chapter 7 Bankruptcy by Stephen Elias (2002, Book, Illustrated) $12.99 |
|
|
How to File for Chapter 7 Bankruptcy by Elias, Leonard & Renauer, 14th Edition $12.95 |
|
|
How to File for Chapter 7 Bankruptcy by Renauer, Leonard & Elias, 15th Edition $12.95 |
|
|
Chapter 13 Bankruptcy by Elias & Leonard, 9th Ed (2008) $12.95 |
|
|
BMV Quantum Subliminal CD Dealing with Bankruptcy: Handling Bankrupt Business (Ultrasonic Subliminal Series) $14.99 Program your subconscious mind for successful dealing with bankruptcy. Create amazing results using state-of-the-art subliminal and brainwave entrainment technologies. Tune your brainwaves to specific frequencies by listening to this CD! Program your subconscious mind for positive lasting results, created by a Certified Hypnotherapist and NLP Practitioner (Neuro-Linguistic Programming). Silent aff… |
|
|
Enron: The Smartest Guys in the Room $7.66 Riding high during the ’90s stock market boom, Texas-based energy concern Enron had, by 2001, become the country’s seventh largest corporation…until its sudden collapse and ultimate bankruptcy revealed a history of shady accounting practices and phantom subsidiaries. Follow the shocking true story of one of America’s biggest business scandals, which cost thousands of workers their pensions while… |
|
|
60 Minutes – Resurrecting Chrysler $17.95 Airdate: 3/25/12 In 2009, Chrysler was sputtering toward collapse, with tens of thousands of jobs in jeopardy. But one man bet that he could save the company and make it profitable again. He’s Sergio Marchionne. He’d already turned around Fiat and felt the two companies were a good fit. So Marchionne took on the challenge – along with a $6 billion, high-interest U.S. Treasury loan. Steve Kroft in… |
|
|
Bankruptcy for Consumers $34.95 Bankruptcy is not a dirty word… it is a federally approved way in which honest people who are overloaded with debt may get out from under those obligations and have a fresh new start by wiping out (“discharging”) most, if not all of their debts. With proper counseling, they can still retain many, if not all, of their belongings.If your Bankruptcy is properly prepared by an experienced profession… |
|
|
The Real Crash: America’s Coming Bankruptcy—How to Save Yourself and Your Country $25.99 You might be thinking everything’s okay: the stock market is on the rise, jobs are growing, the worst of it is over. You’d be wrong. In The Real Crash, New York Times bestselling author Peter D. Schiff argues that America is enjoying a government-inflated bubble, one that reality will explode . . . with disastrous consequences for the economy and for each of us. Schiff demonstrates how the i… |
|
|
The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron $6.10 There were dozens of books about Watergate, but only All the President’s Men gave readers the full story, with all the drama and nuance and exclusive reporting. And thirty years later, if you’re going to read only one book on Watergate, that’s still the one. Today, Enron is the biggest business story of our time, and Fortune senior writers Bethany McLean and Peter Elkind are the new Woodward and B… |
|
|
Mergers, Acquisitions, and Corporate Restructurings $41.00 Modern restructuring techniques for a global business landscapeMergers, Acquisitions, and Corporate Restructurings, Fifth Edition carefully analyzes the strategies and motives that inspire M&As, the laws and rules that govern the field, as well as the offensive and defensive techniques of hostile acquisitions.Incorporates updated research, graphs, and case studies on the private equity market, eth… |
|
|
Financial First Aid Kit $1.64 With this all-in-one software package, you can solve your urgent debt and credit problems, create a personalized money plan, and start a business to increase your income. Inside, you’ll find these bestselling Nolo eBooks: * Credit Repair Plus, get these bonus materials to … |
|
|
Cash Flow Plus The Only Lifetime Budget Software $14.95 If you’ve ever wondered how quickly you can get out of debt this program will do it for you quickly and seamlessly. Maybe you’re having trouble with your finances. Cash Flow Plus will lay out your finances transaction by transaction for up to 30 years. If there is a way out Cash Flow Plus will help you see it…. |
|
|
The New Bankruptcy Preparation Kit on CD (Personal Law) … |
