Re: Note Maker Declaring BK, what to do? - Posted by Evan
Posted by Evan on April 02, 2006 at 20:40:14:
Got the following info from:
Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact “uniform laws on the subject of Bankruptcy throughout the United States.” Its implementation, however, is found in statute law. The relevant statutes are incorporated within the Bankruptcy Code, located at Title 11 of the United States Code, and amplified by state law in the many places where Federal law either fails to speak or defers expressly to state law.
While bankruptcy cases are always filed in United States bankruptcy court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often highly dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines."
As the others have said, “…it depends” on the state of the residence. Bottom line…highly recommend checking with your attorney. Also, might get some advise from the legal minds on the RE law board.