What Are the New Federal Domicile Requirements to File For Bankruptcy?

The new law states that we must look back 2Minnesota statues.
years (24 months) from the date of filing. InMinnesota Homestead Exemptions: Real property,
addition, we must then look at the 6 months priormobile home or manufactured home to $200,000
to the 2 years. The place a person lived at theor, if the homestead is used primarily for
majority of the time in the 6 month period willagricultural purposes, $500,000; cannot exceed
determine which state exemption law will apply.½ acre in city or 160 acres elsewhere.
Definition of Domicile: the state in which a personMinn.Stat.Ann. §510.01, 510.02, 550.37 subd. 12
has his/her permanent residence or intends toWhat new Federal Domicile Bankruptcy rules apply
make his/her residence, as compared to wherewhen claiming a homestead?
the person is living temporarily. Domicile dependsThe new Federal Bankruptcy law states you
on intent, location of a home where a personmust have lived in the state for a minimum of
regularly sleeps.three years and four months (40 years) before
What new Minnesota Domicile Bankruptcy rulesas person can claim homestead protection greater
apply when claiming a homestead?than $125,000.
The new Minnesota Bankruptcy law states youFederal Homestead Exemptions: Real property,
must have lived in the state for three years andincluding mobile homes and co-ops, or burial plots
four months (40 months) before a person canup to $20,200. Unused portion of homestead, up
claim Minnesota's full $300,000 of equityto $10,125, may be used for other property and -
homestead exemption. Prior to this time frame, a$1,075 of any property, and unused portion of
person is limited to an exemption of $136,875 ofhomestead up to $10,125.
equity; provided a person has lived in Minnesota11 U.S. C.
long enough to use the exemptions stated in the