Under 2005 federal bankruptcy law amendments is there still a choice of law for the homestead exemption?

Under the 2005 amendments to federal bankruptcy law, bankruptcy petitioners may elect state exemptions in the state in which they have lived for the 730 days (2 years) prior to the bankruptcy.  If they have moved during that 2 year period, the state exemptions are those for the state in which they lived the majority of the time for the 180 days (approximately 6 months) before the 2 year period.   Thus, you can avail yourself of more advantageous protections that could be provided under New Jersey bankruptcy law but not federal law. 

However – particularly because real property and choice of law issues are involved – you should obtain the services of a bankruptcy attorney to navigate the complex federal and state substantive and procedural bankruptcy and tax laws.  Debtors who try to prepare their own bankruptcy schedules frequently have the most trouble getting the claims of exemption done properly and to their advantage.  For example, under the new federal bankruptcy laws – regardless of the level of state exemptions – the petitioner may only exempt up to a certain amount of interest in a home that was acquired within a certain period before the filing, but the calculation of that amount does not include any equity that has been rolled over during that period from one house to another within the same state.