homestead exemption

homestead exemption
homestead exemption n: an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead see also declaration of homestead at declaration 4
◇ The laws governing the homestead exemption vary greatly from state to state. Most states have limits on the amount for which a debtor is exempted, but a few have no limits at all. Others have limits that are dependent on the size or type of property, or the age of the property owner.

Merriam-Webster’s Dictionary of Law. . 1996.

homestead exemption
n.
A doctrine that allows a homeowner to designate his or her home as a homestead and thereby exempt it from claims by creditors.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


homestead exemption
An exemption from liability given to all or a portion of a primary residence. In most states, only a portion of the homeowner's equity, such as $20,000, can be protected from a bankruptcy trustee or creditors who wish to sell the home to pay off debts owed by the homeowner. Other states exempt all of a homeowner's primary residence from repayment of debts, and still other states exempt all of a homeowner's primary residence only if it is under a certain size.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Real Estate & Rental Property → Homeowners

Nolo’s Plain-English Law Dictionary. . 2009.

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