A homestead exemption is an exemption that is granted by your estate for equity in your home. Thus, homestead exemptions are important when you receive a judgment against you or your wife.
Today, I spoke with two prospects: one from Florida, which has a generous homestead exemption (unlimited) and another from California, which gives a $50,000 exemption for single persons and $75,000 for married persons that reside in their personal residence at the time of the judgment.
Thus, the homestead exemption is the part of your real estate that is exempt from creditors.
Sean L. Robertson, Esq.
Robertson Law Group, LLC
9923 S. Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415\
w) 312-498-6080 f) 312-377-2480
Key words: Asset Protection, homestead exemption