Commentary on 11 USC § 522(b)(1)-(3) (Excerpt)
Comments
Applicable Text
    Comment: Debtor may choose either the
    "federal bankruptcy exemptions" in paragraph
    (2) or the "state exemptions" in paragraph (3)
    ?" [subject to later restrictions (below)]
    522(b)(1) "An individual debtor may exempt from
    property of the estate the property listed in either
    paragraph (2) or, in the alternative, paragraph (3)
    of this subsection."
The "federal" exemptions option in 522(b)(2) is subject to State opt-out
    Comment: Debtor may use the “Federal
    bankruptcy exemptions” contained in 522(d)
    unless the state whose law applies specifically
    disallows their use ("opts out").  
    522(b)(2) "Property listed in this paragraph is
    property that is specified under subsection (d),
    unless the State law that is applicable to the
    debtor under paragraph (3)(A) specifically does
    not so authorize."
The "state" exemptions option in 522(b)(3) includes 4 general categories of property
    Comment: The “State" exemptions option
    includes the federal non-bankruptcy
    exemptions--not the federal bankruptcy
    exemptions listed in subsection (d) LINK TO
    THEM both?►
    522(b)(3)(A) "Property listed in this paragraph is:
    (A) subject to subsections (o) and (p), any
    property that is exempt under Federal law, other
    than subsection (d) of this section" . . .
    Comment: The "State" exemptions option
    includes exemptions available under
    applicable State law  LINK applicable State
    law?
    522(b)(3)(A)  . . ."or State or local law that is
    applicable on the date of the filing of the petition .
    . ."
    Comment: The “state exemptions” option
    includes also certain property of the debtor
    that a creditor could not levy on as
    determined by "applicable non-bankruptcy
    law.” Refer to a link or what on this.
    522(b)(3)(B) "any interest in property in which
    the debtor had, immediately before the
    commencement of the case, an interest as a
    tenant by the entirety or joint tenant to the extent
    that such interest as a tenant by the entirety or
    joint tenant is exempt from process under
    applicable nonbankruptcy law."
    Comment: The “state exemptions” option
    includes also certain retirement fund
    exemptions added by BAPCPA. (They are
    duplicated in the federal bankruptcy
    exemptions in 522(d) so that they are
    available regardless of whether the federal or
    state exemptions are selected.)
    522(b)(3)(C) "retirement funds to the extent that
    those funds are in a fund or account that is
    exempt from taxation under § 401, 403, 408,
    408A, 414, 457, or 501(a) of the Internal
    Revenue Code of 1986."
How to determine the State whose exemptions law applies-- except 522(b)(3)(B) property
    Comment: To determine the State whose law
    applies, first ask whether there is a state in
    which the debtor has been continuously
    domiciled for the 730-day period up to the
    date of filing. If there is, its law applies.
    522(b)(2)(A)  . . "State or local law that is
    applicable on the date of the filing of the petition
    at the place in which the debtor’s domicile has
    been located for the 730 days immediately
    preceding the date of the filing of the petition,"
    Comment: If there is no state of continuous
    730-day domicile, determine the state, if any,
    in which debtor was domiciled for the longest
    portion of the 180-day period prior to the 730-
    day period. If there is such a State, its law
    applies.
    522(b)(2)(A) . . . "or if the debtor’s domicile has
    not been located at a single State for such 730-
    day period, the place in which the debtor’s
    domiciled was located for 180 days immediately
    preceding the 730-day period or for a longer
    portion of such 180-day period than in any other
    place"
    Comment: If the 730-day and 180-day rules
    (above) deprive the debtor of "any
    exemption," the debtor may use the federal
    bankruptcy exemptions.  link to "any" Mention
    meaning far from clear
    522(b)(hanging paragraph): "If the effect of the
    domiciliary requirement under subparagraph (A)
    is to render the debtor ineligible for any
    exemption, the debtor may elect to exempt
    property that is specified under subsection (d)."