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Chapter 7 Bankruptcy question - Which exemptions do I use, Federal or State?
I live in Florida now, but I have lived here only for about 1.5 years. So, I know I can't file as a Florida resident (730 day rule). Prior to Florida, I lived in Indiana for 30 years, so as I understand it by the 180 rule, Indiana is the state I would have to use. Indiana requires you to use their states's exemptions and NOT the federal exemptions, but it DOES NOT allow you to use the state exemptions if you are not domiciled in Indiana. Since I live in Florida then I cannot use the Indiana state exemptions, so that takes me back to the Federal exemptions. Is this correct? If I wait another 6 months, I will gain Florida residency and since Florida requires the use of their exemptions and NOT the Federal exemptions, I would then be required to use Florida exemptions. I don't own a home, so the Federal exemptions would be better for me that the Florida exemptions, so it would be best if I file in the next 6 months before I become an official Florida resident. Does that sound right?
3 Answers
- ?Lv 45 years ago
If the customer is bancrupt, the fix act covers her as except for the cancellations of debt as earnings on her tax go back. She should be superb and except she owes agencies, they received't intercept her checks. there is an FMS hotline you could call to ascertain if there is awesome leins on her tax refunds. call Liberty Tax and ask them for the FMS hotline. the customer would ought to invite and delivers them her social. they are those who get to intercept from the IRS earlier it receives to you if there's a authorities company owed like, newborn help, college loans and state or federal backtaxes. I never heard of a mastercard company being waiting to take her refund. not positive if you're asking the right question. desire this helps.
- Anonymous1 decade ago
talk to a bankruptcy lawyer.. that simple.
Source(s): i filed in '03 and now i can file again......
