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Bankruptcy Exemptions

Posted On: 2005-08-23Length:

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54 days left until the bankruptcy laws change. On today's Debt Podcast short shot we answer the question of what bankruptcy laws apply to you.

Hi everyone, this is Jay at the Debt Podcast. If you're getting us through your iTunes, RSS feed or online streaming media, you can visit our website at www.drlcny.com or the Debt Podcast site at debtpodcast.blogspot.com. If you have any questions or comments, send them to me at drlcny@gmail.com. Remember, this isn't legal advice, it's just information. If you have a specific problem and live in New York, you can call my office, the Debt Relief Law Center of New York, toll free at 1-800-235-2203 to set up a free consultation. If you live outside of New York and have a bankruptcy question, you can find a referral to a qualified bankruptcy attorney online at www.nacba.org to visit the National Association of Consumer Bankruptcy Attorneys. If you have a problem regarding consumer law or any other non-bankruptcy issue, you can go online to www.naca.net to visit the National Association of Consumer Advocates.

We're getting closer to the implementation of the new bankruptcy laws. So it's becoming more important to get information out to you about how the changes will affect you if you decide to file after October 14, the last business day under the existing laws. In an effort to get as much information out as possible, we will be getting these short shots out to you from time to time over the course of the next 54 days. For most people the process will become more involved and expensive under the new bankruptcy code, primarily because your lawyer will need to do more work in order to get your case taken care of properly. Many lawyers around the country are talking about doubling their legal fees to compensate them for this additional work. The ultimate fee range remains to be seen.

Under the existing bankruptcy laws, you can file for bankruptcy in the place where you've lived for the greater part of 180 days immediately before your case is filed. That means that if you lived in Montana from January 1 through June 30, then moved to Connecticut on July 1, you can not file your bankruptcy case in Connecticut until September 30, which is 91 days after you've moved. Because the greater part of 180 days is 91 days, you can file in Connecticut on September 30. Of course, you can always go back to Montana before September 30 to file your case, but most people would prefer to spend the money on things other than the plane ticket.

Under existing bankruptcy laws, when you file for bankruptcy, you are governed by the laws of the state in which you file. Though bankruptcy is federal law, the individual states can choose to govern your ability to exempt or keep certain property through your...

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