What are the residency requirements for bankruptcy exemptions?
In order to avail bankruptcy exemptions, you are also required to fulfill residency requirements. As per the new federal bankruptcy laws that were introduced in October 2005, residency requirements have also undergone changes. It was observed that people intending to file bankruptcy were moving to states where they could avail exemptions according to their convenience. In order to put a stop to such activities, the government introduced the residency requirements. So, you should have lived for at least 2 years in a particular state to use the exemptions of that state. If you haven’t lived for 2 years, you have to use exemptions of the state you were residing in prior to your current state of residence. There are a couple of states that don’t permit you to use their exemptions unless you are currently residing in that state. Under such circumstances, you have to use federal exemptions. If you haven’t lived in a particular state for 2 years, you can use federal exemptions after 91 days,
