Problem if not 3 years at residence?

[debee]

Why would the trustee ask if a debtor's been at their address for three years? Does it matter if you just bought the house in the previous year or two?

[debee]

Ok, I think I know now... residency requirements. A debtor has to file with the exemptions of the correct state, and if that can't be done according to the time frames and blah blah blah, then the federal exemptions apply. (Posting an answer just in case someone comes along someday with the same question.)

[despritfreya]

If you have not been in your "homestead" for at least 3 years your exemption may be capped at approximately $146,000.00 which, for most of us is a non-issue either because the allowed exemption is less or we simply do not have that kind of equity in the home.

Des.