Roseville Bankruptcy: Homestead Exemption

Most Roseville residents would prefer to keep their home even in a bankruptcy filing.  To that end, each state has a homestead exemption which protects debtors with equity in their residence.  As long as your equity is lower than the homestead exemption cutoff, then your property is protected and will not be sold to satisfy creditors.  Using this exemption you won’t have to sell your home to pay creditors, a very important benefit indeed.

Homestead exemptions vary from state to state.  The rules for your particular bankruptcy will be determined by the state where you live assuming you lived there for at least two years before your filing.  If not, then state law is determined by where you spent the majority of the 180 days preceding the bankruptcy by two years.
New federal bankruptcy legislation limit’s the homestead exemption to $125,000 in equity for residences purchased within 1215 days of filing  Note that this calculation is unaffected by equity in a different home purchased during this period.

Lastly, securities fraud and certain other criminal conduct will cap your exemption at $125,000.  This provision limits your homestead exemption if you are found guilty of fraud, including transferring assets to defraud a creditor or converting nonexempt assets to exempt within 10 years of your bankruptcy filing.  Contact a Sagaria Law attorney to find out more about how the Homestead Exemptions and limitations thereof can affect your bankruptcy filing.

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