Homestead Exemption - Posted by JT-IN
Posted by JT-IN on October 02, 2003 at 07:28:56:
The roignal poster failed to mention the location of the property. I simply get tired of posting that question: “What State is the property located…?” You would think that folks would catch on to the relevance of location as it relates to state law, and the impact of their situation…
Anyway, here is some info that I found on Homestead Exemptions in various states… Yes, the exemption does impact what the Trustee is able to implement. I recently have learned about the Federal Exemption, which seems to exceed some states exemption… (listed below)…
Hope all is well…
Kansas, Florida, Iowa, South Dakota and Texas provide an unlimited dollar value homestead exemption
The homestead exemption is considered such a basic and important right in some states, including Florida and Texas, that it is mandated by the state’s constitution. This prevents the state’s legislature from modifying or repealing the exemption by statute.
In contrast, Delaware, the District of Columbia, Maryland, New Jersey, Pennsylvania and Rhode Island provide no specific homestead exemption.
the exemption is $5,000 in Ohio, $80,000 in North Dakota, and $125,000 in Nevada.
The federal bankruptcy homestead exemption is $17,425. Where a state’s homestead exemption is lower than $17,425, a debtor contemplating a bankruptcy filing should consider using the federal exemptions (if the state law permits it), all other things being equal.