Legal Dictionary
Main Entry:
homestead exemptionFunction:
noun : an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead —see also
declaration of homestead at
DECLARATION 4 NOTE: The laws governing the homestead exemption vary greatly from state to state. Most states have limits on the amount for which a debtor is exempted, but a few have no limits at all. Others have limits that are dependent on the size of the property, the type of property, or the age of the property owner.
