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7 Rutgers Bus. L.J. 143 (2010)
State Homestead Exemptions and Bankruptcy Law: Is it Time for Congress to Close the Loophole

handle is hein.journals/rutgblaj7 and id is 145 raw text is: RUTGERS BUSINESS LAW JOURNAL

State Homestead Exemptions and Bankruptcy Law: Is it Time for
Congress to Close the Loophole?
ABSTRACT. When the Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005 (BAPCPA) was signed into law on April 20, 2005, states retained the ability
to opt out of the federal exemptions and provide their own state citizens with greater
or lesser protection than that available under federal bankruptcy law with regard to
personal and real property exempted from attachment in bankruptcy cases. Thus,
BAPCPA tacitly continues the practice of allowing both debtors and creditors in
different states to be afforded very different protections with regard to debtors'
rights to exempt property from attachment and creditors' rights to have debts
satisfied from a bankrupt debtor's estate. This paper will focus on the specific
exemptions allowed Chapter 7 filers in the various U.S. jurisdictions and explore the
issues of fairness that remain in a federal law that is decidedly not uniform
throughout the United States.
AUTHOR. Associate Professor of Legal Studies in Business, Hofstra University,
Frank G. Zarb School of Business. I would like to gratefully acknowledge the summer
research grant by Hofstra University's Frank G. Zarb School of Business that
facilitated my work on various research and writing projects, including this article.

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