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LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 34881
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Please explain to me the difference of not claiming or claiming

This answer was rated:

Please explain to me the difference of not claiming or claiming an exemption. as stated I(we) have not claimed an exemption pursuant to 522(b)3 and the state law in property

The box was already checked for me and I do not know what I am signing.
Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

Quite simply, when you file bankruptcy in some states, you have a choice as to whether you want to choose to accept the state bankruptcy exemptions, of the federal exemptions.

If you choose state law exemptions, select 522(b)(3); and if you want the federal exemptions, select 522(b)(2).

Here is a link to the NY state exemptions that you will have chosen when you sign the form:

Here is a link to the federal exemptions:


You will note that the state exemptions typically are more generous---and allow you to keep more of your property, than do the federal exemptions---particularly when you have a lot of equity in your primary residence.

You may reply back to me again, using the Reply to Expert link, if you have additional questions.

I wish you the best in your future,


Customer: replied 3 years ago.

Hi Doug,


There is a specified 522(p)1 and (2) what is that?

Good afternoon,

522p1 an p2 are relatively complicated paragraphs which close a loophole for very rich people who try to shield millions of dollars from creditors by filing bankruptcy after converting non-exempt assets into expensive and exempt homesteads in one of the handful of states that have unlimited homestead exemptions.

That law simply limits what you can protect if you bought the property within the 1215 day period before you filed for bankruptcy. if you put in more than $125,000, then you cannot exempt that additional money.

Unless you are pretty wealthy and trying to find a loophole to keep assets by selling otherwise non-protected assets and sinking the money into real property---then this is not going to apply to you.

If you have a desire to read the legalese, here is a link to the law. The code section is about 85% down the page:

You may reply back to me using the Continue the Conversation or Reply to Expert link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you when our communication is completed.

I wish you the best in 2013,


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