Consumer Credit Regulation: F.3.3 Summary of FDIC Interpretation Letters
The full text of these letters is available online as companion material to this treatise.
The full text of these letters is available online as companion material to this treatise.
Has state opted out of federal bankruptcy exemptions? Yes. La. Rev. Stat. Ann. § 13:3881(B)(1).
Is opt out limited to residents or domiciliaries of the state? Not specified. La. Rev. Stat. Ann. § 13:3881(B)(1): “In cases instituted under [Title 11], there shall be exempt . . . only that property and income which is exempt under the laws of the state of Louisiana and under federal laws other than [§ 522(d)].”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Nev. Rev. Stat. § 21.090(3).
Is opt out limited to residents or domiciliaries of the state? Yes. Nev. Rev. Stat. § 21.090: “Any exemptions specified in [§ 522(d)], do not apply to property owned by a resident of this State . . . .”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Homestead: Uncertain.
Personal property: Uncertain.
Wages: N.M. Stat. Ann. § 35-12-7.
Scope: Disposable earnings.
Has state opted out of federal bankruptcy exemptions? Yes. N.C. Gen. Stat. § 1C-1601(f).
Is opt out limited to residents or domiciliaries of the state? Yes. N.C. Gen. Stat. § 1C-1601(f): “The exemptions provided in [§ 522(d)], are not applicable to residents of this State. The exemptions provided by this Article and by other statutory or common law of this State shall apply for purposes of [§ 522(b)].”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. N.D. Cent. Code § 28-22-17.
Is opt out limited to residents or domiciliaries of the state? Yes. N.D. Cent. Code § 28-22-17: “Residents of this state are not entitled to the federal exemptions provided in [§ 522(d)]. The residents of this state are limited to claiming those exemptions allowable by North Dakota law.”
Do state’s exemptions have extraterritorial application?
Homestead: Uncertain.
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Homestead: Uncertain.
Personal property: Uncertain.
Wages: P.R. Laws Ann. tit. 32, § 1130.
Scope: Earnings for personal services within 30 days before levy of execution. P.R. Laws Ann. tit. 32, § 1130(7).
Has state opted out of federal bankruptcy exemptions? Yes. S.C. Code Ann. § 15-41-35.
Is opt out limited to residents or domiciliaries of the state? Not specified. S.C. Code Ann. § 15-41-35: “No individual may exempt from the property of the estate in any bankruptcy proceeding the property specified in [§ 522(d)] except as may be expressly permitted by this chapter or by other provisions of law of this State.”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Tenn. Code Ann. § 26-2-112.
Is opt out limited to residents or domiciliaries of the state? Yes (as to “citizens”). Tenn. Code Ann. § 26-2-112: “[C]itizens of Tennessee, . . . are not authorized to claim as exempt the property described in [§ 522(d)].”
Do state’s exemptions have extraterritorial application?
Homestead: Uncertain.
Personal property: Uncertain.
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Utah Code Ann. § 78B-5-513 (West).
Is opt out limited to residents or domiciliaries of the state? Yes. Utah Code Ann. § 78B-5-513 (West): “An individual may not exempt from the property of the estate in any bankruptcy proceeding property specified in [§ 522(d) unless the individual is a non-resident of this state and has been for the 180 days preceding the bankruptcy.”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Va. Code Ann. § 34-3.1.
Is opt out limited to residents or domiciliaries of the state? Not specified. Va. Code Ann. § 34-3.1: “No individual may exempt from the property of the estate in any bankruptcy proceeding the property specified in [§ 522(d)], except as may otherwise be expressly permitted under this title.”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? No. Solely for the purpose of applying the provisions of 11 U.S.C. § 522(b)(2) in a federal bankruptcy proceeding and only to the extent otherwise allowed by applicable federal law, an individual debtor domiciled in this state may exempt from property of the debtor’s bankruptcy estate the property specified under 11 U.S.C. § 522(d). W. Va. Code § 38-10-4(l).
Has state opted out of federal bankruptcy exemptions? Yes. Wyo. Stat. Ann. § 1-20-109.
This appendix includes a series of questions and answers for each state designed to help determine the applicable exemption law for purposes of 11 U.S.C. § 522(b)(3)(A) in a debtor’s bankruptcy proceeding. Which state’s exemption law applies is determined by the debtor’s domicile.
Has state opted out of federal bankruptcy exemptions? Yes. Ala. Code § 6-10-11.
Is opt out limited to residents or domiciliaries of the state? Not specified, but probably yes. Ala. Code § 6-10-11: “In cases instituted under [Title 11] there shall be exempt . . . only that property . . . exempt under the laws of Alabama and under [federal laws other than § 522(d)].” See In re Walley, 9 B.R. 55 (Bankr. S.D. Ala. 1981) (opt-out statute applies only to Alabama residents).
Has state opted out of federal bankruptcy exemptions? No. Ark. Code Ann. § 16-66-217.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Homestead: Probably not. Ark. Code Ann. § 16-66-210 limited to homestead “of any resident of this state.” See Cherokee Constr. Co. v. Harris, 122 S.W. 485 (Ark. 1909).
Personal property: Uncertain.
Has state opted out of federal bankruptcy exemptions? No.
Is opt out limited to residents or domiciliaries of the state? Not applicable.
Do state’s exemptions have extraterritorial application?
Homestead: Yes (with limitations). D.C. Code § 15-501(a) provides that specified property of a head of family or householder, who resides in the District of Columbia or who earns the major portion of his livelihood there, is exempt “regardless of his place of residence.”
Has state opted out of federal bankruptcy exemptions? Yes, except as to exemptions provided by 11 U.S.C. § 522(d)(10). Fla. Stat. §§ 222.20, 222.201.
Has state opted out of federal bankruptcy exemptions? Yes. Ga. Code Ann. § 44-13-100(b).
Has state opted out of federal bankruptcy exemptions? Yes. Idaho Code Ann. § 11-609.
Is opt out limited to residents or domiciliaries of the state? Not specified. Idaho Code Ann. § 11-609: “In any federal bankruptcy proceeding, an individual debtor may exempt from property of the estate only such property as is specified under the laws of this state.”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Ind. Code § 34-55-10-1.
Is opt out limited to residents or domiciliaries of the state? Yes. Ind. Code § 34-55-10-1: “an individual debtor domiciled in Indiana is not entitled to use . . . [§ 522(d) exemptions].”
Do state’s exemptions have extraterritorial application?
Has state opted out of federal bankruptcy exemptions? Yes. Iowa Code § 627.10.
Is opt out limited to residents or domiciliaries of the state? Not specified, but probably not. Iowa Code § 627.10: “A debtor to whom the law of this state applies on the date of filing of a petition in bankruptcy is not entitled to elect . . . [§ 522(d) exemptions].” See In re Williams, 369 B.R. 470 (Bankr. W.D. Ark. 2007) (debtors residing in Arkansas are subject to Iowa opt-out statute).