How to dertermine exemption value?

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How to dertermine exemption value?

My name is on the title of a home along with my brother and sister. I own 1/3 of the home which is worth about $230,000. If the exemption value I can use is $75,000, does that make the home exempt? I live in the home with my brother and severely handicapped son. The home is paid for. Can they take it?

Asked on November 29, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I believe you are referring to what is commonly known as a "homestead exemption" of a particular home in all states in this country. Such is determined by statute based upon the state one resides in as to one's main home.

If you own the home that you reside in primarily, you have an exemption from creditors of one third of the allowed amount per the homestead exemption in your state. I suggest you "google" what the amount would be in your state. Good question.


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