Ownership Society!
Now it's starting to come together. There will be no bust until October, because of the new bankruptcy bill. From a nice article on cnn.com:
Tougher homestead exemptions: Currently, if you declare bankruptcy, the state where you file may allow you to protect from creditors some or all of your home equity. In Florida, for instance, your home may be entirely exempt, even if you bought it soon before filing. In Nevada, you may exempt up to $200,000.
The new law, however, places more stringent restrictions on the homestead exemption. For instance, if filers haven't lived in a state for at least two years, they may only take the state exemption of the state where they lived for the majority of the time for the 180 days before the two-year period.
Filers may only exempt up to $125,000, regardless of a state's exemption allowance, if their home was acquired less than 40 months before filing or if the filer has violated securities laws or been found guilty of certain criminal conduct.
Unlike most of the other provisions, the new homestead exemption rules go into effect immediately.
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Obviously, when President Bush is talking about an ownership society, he must be talking about owning your debts!
money.cnn.com/2005/04/20/pf/bankruptcy_bill/
Tougher homestead exemptions: Currently, if you declare bankruptcy, the state where you file may allow you to protect from creditors some or all of your home equity. In Florida, for instance, your home may be entirely exempt, even if you bought it soon before filing. In Nevada, you may exempt up to $200,000.
The new law, however, places more stringent restrictions on the homestead exemption. For instance, if filers haven't lived in a state for at least two years, they may only take the state exemption of the state where they lived for the majority of the time for the 180 days before the two-year period.
Filers may only exempt up to $125,000, regardless of a state's exemption allowance, if their home was acquired less than 40 months before filing or if the filer has violated securities laws or been found guilty of certain criminal conduct.
Unlike most of the other provisions, the new homestead exemption rules go into effect immediately.
---
Obviously, when President Bush is talking about an ownership society, he must be talking about owning your debts!
money.cnn.com/2005/04/20/pf/bankruptcy_bill/
posted by njdoc at 2:32 PM
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