Introduction by Gerard Forgét, III, JD, MBA, LLM(TAXATION), Omaha, NE
Homestead exemptions are tantamount to any Chapter 13 filing. Several bankruptcy attorneys have stated that the primary reason for a debtor filing a Chapter 13 bankruptcy is to retain possession of their home. Depending on the state in which they file, the applicable homestead exemption will apply. In some states, the federal exemption may be elected; as an alternative to the state.
BAPCPA introduced additional limitations on debtors exempting their residences utilizing the particular state homestead exemption. These limitations examine pre-petition homestead acquisitions (n.b. “look-back . . .
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