Moving outa here

[Hurtin Bad]

After blowing over a half million dollars the past eighteen months trying to start several business ventures (professionally)in a new state Im just throwing in the towel. Im moving back to the state I was in before where I was nothing but successful for 20 years.
Question being, can I move back to my home state and then file a bankruptcy a 2-3 months later in my home state using exemptions from my home state? Would this hurt me in any way? Im up to date on bills now but its all down hill fast from here.
To stay in my upper scale home for free for months would be nice where Im at, however an old account of mine in my home state wants me back right away to sign on a contract. Its a good sized contract and will get my life back on track.
What do I do?
Things are hazy and shaky and Im certainly humiliated right now after taking the beating of a life time I didnt think was possible in my go getter life style. I cant' believe this is happening to a professional like me. I didn't do anything wrong. My family are millionaires and now me, the black sheep, will be blacker. They have all the power and I'll be put in the discard pile once again.

[jennyn]

I know in my state, and a few others I am aware of there is a 6 mo waiting period to file in the new state.

[jennyn]

Just found this...

Published by Susanne Robicsek May 18th, 2007 in General Bankruptcy Information.
Tags: bankruptcy case, bankruptcy petition, time period, venue.

The “venue” for someone’s bankruptcy (the place it should be filed) is where they have lived for the greater part of the 180 days before they file their case. For people who have moved many times, this might be a bit tricky, but for the majority of people, it is where they have lived for the last 91 days.

[lrprn]

Question being, can I move back to my home state and then file a bankruptcy a 2-3 months later in my home state using exemptions from my home state? Would this hurt me in any way?

You can indeed move back to your home state and file a bankruptcy in the home state 2-3 months later. However, since you lived in the new home state less than two years, you can't use the new home state's exemptions. You have to use your former state's exemptions.

The exception to this is once you've established residency in your home state and your home state allows filers to use the federal exemptions. Then if you choose to use the federal exemptions, it doesn't matter how long you've lived in the home state.

Once you do move, it's best to wait long enough to get a good sense of your ongoing expenses in the new state location.

My family are millionaires and now me, the black sheep, will be blacker. They have all the power and I'll be put in the discard pile once again.

It's very hard when you feel like you have to live up to someone else's expectations. Instead this time around, perhaps it's time to live up to your own expectations. Do what YOU want to do and don't worry so much about what your family is thinking.

A couple of questions for you....which state are you living in now and which state do you want to move back to? Are you married? Have any dependents? Have you mixed business debts with personal debts? Which chapter of bankruptcy are you planning to file? If we have a little more information, we can help you sort things out better.

Hang in there, HurtinBad. There are other professionals on this board who has been shocked to find themselves on the brink of bankruptcy - you aren't alone. The important thing is to realize you are in serious financial trouble, accept it, and figure out what's the best way out of it. You are doing that - good for you!

[yeahdischarged]

Update

[CindyLou]

when you say "home state" how long have you been away?