A majority of states have opted out from the bankruptcy code exemptions meaning that you are limited to state law to keep property. Remember that if you file Chapters 11, 12, or 13 instead of Chapter 7 then you can keep your non-exempt property.
Most of these opt-out states have written their opt-out statutes so that they only apply to residents or domicilaries of that state. So if the state uses that language and you do not live there or do not intend to come back then chances are good that you can use the bankruptcy code exemptions to keep property. Most states fall into this category. California is unclear, but Louisiana, Maine, Missouri, Nebraska, are problematic because you are probably stuck with those state’s laws. If you have lived in the Lone Star State for two years and have intended to stay there those two years you are okay. But even if you are a newly naturalized Texan unless you come from one of the above listed states you can use the bankruptcy code exemptions in most cases.
Bankruptcy FAQ – Frequently Asked Questions
by Alex Wathen, Board Certified Consumer Bankruptcy Law – Texas Board of Legal Specialization
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“Honest people are routinely taken advantage of by powerful banks and finance companies who know the rules. I work to level the playing field.”
Alex Wathen, San Antonio Bankruptcy Attorney-Lawyer
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