What are the debtors principal exemptions?
90% of income (10% subject to garnishment). Real property-land with dwelling, cooperative apartment shares, condominium apartment or mobile home, not exceeding value of $10,000 above liens and encumbrances, owned and occupied as principal residence by any person, is exempt from sale or execution. If value of homestead exceeds $10,000, lien of judgment attaches to surplus above that amount, but homestead may not be sold on execution until judgment in judgment creditor’s action directs sale and enforcement of lien.
Related Questions
- The NFR and TFR do not provide space to propose payment of debtor exemptions and non-estate funds to third parties. Are trustees now required to make these payments prior to submitting the TFR?
- Are there any exemptions from the capital gains taxation in a foreclosure, deed in lieu of foreclosure or short sale if the property is a principal residence?
- What are the principal activities of the VoiceXML Forum?
