The Rules have changed.....

Under the new BK Rules, the new rule states, that you have to have lived in any state for minimum two years before filing so you can use the state's laws for being exempt. The other way, you have to use the laws for exemptions available in your home state (where you used to live.)Such rules apply also to homestead exemptions, which determine how much of the equity in your home you can keep when filing for a Chapter 7 bankruptcy. (but to use the new state's homestead exemption, you must have lived there for 40 months or longer) The old bankruptcy law stated, that personal property debtors went by the laws of the state they are currently residing in (as long as they lived there for at least three months).

Exemption amounts are very different from state to state, therefore new requirements for residency can make a significant difference in the value of property you are entitled to keep. For example, if you recently moved from Oregon to Nevada and you have an above average (in dollar value) car, you may want to wait to file a Chapter 7: Once you've been in Nevada for two years, you can claim Nevada's $15,000 exemption for motor vehicles. If you have for example to use a state such as California laws on exemptions, you can keep only $2300 worth of equity in your car.

Some Common Debt Settlement Resources

Debt Relief - What does it mean?
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What are the rules for Debt Settlement
...When the help arrives, one thing will always remain with you, that is to not be back where you started five ten or twenty years from now... Read more

Debt Relief 101
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