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Homestead Laws

By Pamela Stewart, Attorney at Law on Oct 10, 2007 in General Bankruptcy Information

State homestead laws are created with two primary purposes - (1) to provide some legal protection for the homestead claimants from debts and judgments against them that might result in a forced sale and loss of the home, and (2) to provide a home for a widow or widower for life. Homestead laws also act to restrict one spouse from acting without the other spouse’s knowledge when conveying the homestead or using it as collateral for a loan. Not all states have state homestead laws. Dower, curtesy, and community property rights are automatic in those states that have them.

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From Why Is My Louisiana Homestead Exemption Lower In My Bankruptcy? : Bankruptcy Law Network - Real Lawyers, Real Solutions | Oct 12, 2007

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