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By:
Barry A. Nelson, Esq.

Introduction

Since the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), courts have interpreted the limitations that BAPCPA placed on homestead protection. With the exception of the Bankruptcy Court for the Arizona District, the courts have uniformly held that, even for residents of states that have chosen to "opt out" of the federal bankruptcy exemptions, debtors may not exempt any amount of homestead property exceeding $125,000 in value if the property was acquired by the debtor during the 1, 215-day period preceding the date the bankruptcy petition was filed.

Rasmussen Court Allows Both
Spouses $125,000 Exemptions and Protects Appreciation Within 1,215 Days of Bankruptcy
(Published in The Florida Bar Journal, January 2007)

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