Why Is My Louisiana Homestead Exemption Lower In My Bankruptcy?

12 Oct Why Is My Louisiana Homestead Exemption Lower In My Bankruptcy?

In her article entitled: “Homestead Laws” Bankruptcy Law Network contributor Pamela L. Stewart discusses the purpose of homestead laws as the term in generally used in most states.

The term has a different meaning in Louisiana.

In Louisiana the term Homestead has two meanings both to do with exemptions. This can frequently cause confusion when dealing with a potential bankruptcy client.

The homestead exemption that Louisiana residents are more likely familiar with is a $75,000.00 exemption from taxes on real estate.

Generally speaking, the home, farm or ranch in which a Louisiana resident resides is exempt from property taxes on the first $75,000.00 of its value.

However, Louisiana also has a $25,000.00 homestead exemption for individuals filing for bankruptcy. This means that the first $25,000.00 of equity in a house is exempt from being administered (used to pay creditors) by the trustee in the bankruptcy.

Louisiana has many other exemptions that protect your assests from creditors, but the exemptions must be claimed. An experienced consumer bankruptcy attorney can help you with this and other issues if you are considering bankruptcy.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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