How do you determine the homestead exemption in bankruptcy?

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How do you determine the homestead exemption in bankruptcy?

I know that in my state, I have a 20k (for couples) homestead exemption. Home values are subjective in today’s market but what if the amount of equity is about 30-3, is the sale of the home fees factored in, like real estate commission, legal fees, etc.?

Asked on June 21, 2011 under Bankruptcy Law, Georgia

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/


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