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Bankruptcy and the Homestead Exemption


Bankruptcy and the Homestead Exemption

When you file for bankruptcy, the court will assign an trustee to your case who will oversee the administration of your estate. One of the first things the trustee will do is determine which assets are exempt from the bankruptcy process.


The homestead exemption is one of the most common exemptions used in bankruptcy proceedings. The homestead exemption allows debtors to exempt a certain amount of equity in their home from creditors. In most states, the homestead exemption is a dollar amount, typically between $5,000 and $25,000.


The amount of equity you can exempt depends on several factors, including your state's laws and whether you are filing for Chapter 7 or Chapter 13 bankruptcy. If you are married and filing jointly, you may be able to double the exemption.




The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.



Our goal is to help you find a fresh start FAST!


Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706






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