What would happen if my states homestead exemption is $15,000 and my home equity is $100,000?
-You would either be forced to file a Chapter 13 bankruptcy (where you back the debt with your disposable income for up to 5 years) or you would be forced to sell your home. You would be entitled to $15,000 (your homestead exemption) and you creditors would receive the rest of the proceeds from the sale.
Related Questions
- I live in another state but I received a Homestead Benefit Application Packet for a vacation home that I own at the New Jersey shore. Am I eligible for a homestead benefit?
- What would happen if my states homestead exemption is $15,000 and my home equity is $100,000?
- Why is the State of Missouri homestead exemption so low?
