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Subsection (b) tracks current law. It permits a debtor the exemptions to which he is entitled under other Federal law and the law of the State of his domicile. Some of the items that may be exempted under Federal laws other than title 11 include: Foreign Service Retirement and Disability payments, 22 U.S.C. 1104; [1] Replaced by .
A waiver by the debtor of a power under subsection (f) or (h) of this section to avoid a transfer, under subsection (g) or (i) of this section to exempt property, or under subsection (i) of this section to recover property or to preserve a transfer, is unenforceable in a case under this title.
Here's the information you'll need to provide: Exemption system you're using. In the first section, you have to check one of two boxes. Your choice tells the court whether you will use the federal exemption system (11 U.S.C. § 522 (b) (2)) or your state exemption system (11 U.S.C. § 522 (b) (3)).
An individual filing bankruptcy can utilize the homestead exemption of his or her state to protect whatever the state will allow as an exemption to its residents. 11 U.S.C. § 522 (b) (3) (A). Thus, many issues relating to the applicability and scope of a state’s homestead laws are commonly decided in the context of a bankruptcy proceeding.
The bankruptcy exemption provided by 11 U.S.C. §522(b)(3)(C) is intended to allow debtors to protect certain IRA funds needed to meet their basic retirement needs. The Supreme Court identified three characteristics of an inherited IRA that establish an inherited IRA is not objectively set aside for retirement purposes: (i)additional money can ...
title 11 - bankruptcy chapter 5 - creditors, the debtor, and the estate subchapter ii - debtor's duties and benefits sec. 522 - exemptions
If the debtor does not file such a list, a dependent of the debtor may file such a list, or may claim property as exempt from property of the estate on behalf of the debtor. Unless a party in interest objects, the property claimed as exempt on such list is exempt.