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
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.

Look at other dictionaries:

  • Homestead exemption — is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. Laws enacting such protections are found in state statutes or… …   Wikipedia

  • homestead exemption — An exemption under state or federal law which protects all or a portion of the homestead (SA United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Homestead Exemption — Laws designed to protect the value of a home from property taxes and creditors following the death of a homeowner spouse. A homestead exemption can be found in state statutes and constitutional provisions across the U.S. and is an automatic… …   Investment dictionary

  • homestead exemption — The exemption created by act of Congress declaring that no lands acquired under federal homestead and timber culture laws shall be liable for the satisfaction of any debt contracted prior to their acquisition from the government. 42 Am J1st Pub L …   Ballentine's law dictionary

  • Homestead exemption in Florida — Homestead is given meaning in three different contexts under Florida law: 1. exemption from forced sale before and at death per Art. X, Section 4(a) (b) of the Florida Constitution [… …   Wikipedia

  • homestead exemption law — Homestead Home stead, n. [AS. h[=a]mstede.] 1. The home place; a home and the inclosure or ground immediately connected with it. Dryden. [1913 Webster] 2. The home or seat of a family; place of origin. [1913 Webster] We can trace them back to a… …   The Collaborative International Dictionary of English

  • homestead exemption laws — Laws passed in most states allowing a householder or head of a family to designate a house and land as his homestead, and exempting the same homestead from execution by creditors for his general debts (in, for example, bankruptcy proceedings).… …   Black's law dictionary

  • homestead — home·stead / hōm ˌsted, stid/ n 1 a: the home and adjoining land with any buildings that is occupied usu. by a family as its principal residence b: an estate created by law in a homestead esp. for the purpose of taking advantage of a homestead… …   Law dictionary

  • exemption — ex·emp·tion /ig zemp shən/ n 1: the act of exempting or state of being exempt 2: one that exempts or is exempted: as a: an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.