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In bankruptcy law, this concept is called the homestead exemption. It’s generally predicated on the assumption that you own the house, and it’s your primary residence.
A homestead exemption is a legal mandate. It helps protect a home from seizure by creditors following a declaration of bankruptcy or the death of a spouse with ownership interest.
Florida's homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality. [6] Kentucky, for 2019 and 2020, the exemption has been set at $39,300. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year. [7]
BAPCPA also "capped" the amount of a homestead exemption that a debtor can claim in bankruptcy, despite state exemption statutes. Also, there is a "cap" placed upon the homestead exemption in situations where the debtor, within 1,215 days (about 3 years and 4 months) preceding the bankruptcy case, added value to a homestead.
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
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The California Cannabis Coalition decision has raised legal questions concerning whether the voter approval requirements for local taxes under Proposition 218 [84] [85] also apply to a local tax initiative placed on the ballot by the
Most states have homestead exemptions, which protects a portion of your home’s equity from creditors and other liens or claims in case of bankruptcy. However, the dollar amount of the exemption ...
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related to: california bankruptcy homestead exemption