Racquel is a Real Estate Licensee and holds a New Jersey Title Insurance Producer Certification Cite this lesson If you owe debt to a creditor, they may have a lawful right to take your house. Learn how a homestead exemption works to save your home. Find out more about this real estate...
A version of the homestead exemption provision is found in every state or territory with some exceptions, such as New Jersey and Pennsylvania. However, how theexemptionis applied and how much protection it affords against creditors varies by state. The homestead exemption is an automatic benefit in...
A life estate is a property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person is called the life tenant and shares ownership of the property with a second person. The second person is referred to as theremaindermanand automatically rec...
She is now wanting to execute a Special Warranty Deed on her residence. If we decide to sign the Special Warranty Deed are we responsible for paying the property taxes? If not, is my mother still eligible to keep paying a lower tax rate because of her age and homestead exemption? By ...
This paper explores the recent decision by the Florida Supreme Court in Osborne v. Dumoulin and its effect on bankruptcy exemptions in Florida. The decision entered on February 3, 2011, expands the availability of Florida's statutory personal property exemption.Shawn C. GearhartShawn C Gearhart...
Georgia law also features a wildcard exemption. Debtors can apply a $1,200 exemption, plus $10,000 of the unused homestead exemption, to protect nonexempt property, like a lake cabin. Chapter 7 The “liquidation” plan discharged most unsecured debts. Discharge means the judge removes the leg...
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A homestead is a home that you live in as your primary residence. It can include a single-family house or condo, the land, and unattached buildings such as a guest house and garage. A homestead exemption may only be claimed for the benefit of a primary residence. The exemption can serve...
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Exemptions might include a decrease in the assessed value of your property if you are anowner-occupant(sometimes called ahomestead exemption). The decrease in your property's assessed value says nothing about the actual market value of your property, but it does help lower your tax bill. ...