Homestead Exemptions

Every State has their own homestead exemption. This exemption is usually used when you file bankruptcy.

For your State's homestead exemption, click on "States" in the menu. Your homestead exemption will show on that page.

We are not attorneys, nothing here shall be construed as legal advice. Please consult a good attorney in your state for legal advice

A homestead exemption, protects some of your assets from unsecured creditors. It can get complicated, but here is a simple example:

Let's say your States homestead exemption is $75000.00

Your property is worth $400,000.00.

Your mortgages total $325,000.00

You have $100,000.00 in unsecured debt.

The court would look at it that the mortgages would get their money

Then you would get the next $75,000.00

The unsecured creditors would get nothing.

A good attorney can help you with all the details.