Re: Homestead Exemption?

Posted by njdave on December 03, 2002 at 14:49:09:

In Reply to: What do "homestead rights" mean in Illinois? posted by Jo on December 03, 2002 at 13:53:26:

Homestead Exemption? The right (in most states and in bankruptcy) to treat your property as exempt property that cannot be sold to satisfy the claims of UNSECURED creditors. In most states, the homestead exemption covers a certain dollar amount of your equity in your residence. A home cannot normally be sold to pay claims of your creditors unless your equity in the home exceeds the amount of the exemption. A homestead exemption will not normally protect you from foreclosure when you have pledged your home as collateral.

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• Re: Homestead Exemption? - Nick(Colorado) 18:30:27 12/03/02 (0)

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Comments:
: Homestead Exemption?  The right (in most states and in bankruptcy) to treat your property as exempt property that cannot be sold to satisfy the claims of UNSECURED creditors.  In most states, the homestead exemption covers a certain dollar amount of your equity in your residence.  A home cannot normally be sold to pay claims of your creditors unless your equity in the home exceeds the amount of the exemption. A homestead exemption will not normally protect you from foreclosure when you have pledged your home as collateral.


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