Examining the Homestead Exemption
Protecting your home during a bankruptcy crisis is a big concern. There are so many laws concerning bankruptcy, you might feel like you’re drowning in paperwork. Then, throw the possibility of losing your home on that mountain? Don’t let yourself become bogged down in confusing laws. Put your trust in a respectable bankruptcy attorney serving Chicago.
In the case of losing your home or equity, your Chicago-area bankruptcy lawyer will tell you about the homestead exemption. Homestead exemption is a state and federal protection for the equity in your home. Depending on your state’s laws, your bankruptcy attorney might be able to exempt all of your home equity or only a small portion. If you’re married, some states allow the amount of your equity to be doubled. Also, as your bankruptcy lawyer will inform you, you may need to fill out a homestead declaration to qualify for the exemption.
Call Cutler & Associates, LTD to find out how to protect your home.