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However, the dollar amount of the exemption varies greatly from state to state: In California, for example, it’s $600,000; in New York, it’s as high as $179,950; in Kentucky it’s only $5,000 ...
This type of tax exemption shields homeowners from excessive amounts of property tax.
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
Florida's homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality. [6] Kentucky, for 2019 and 2020, the exemption has been set at $39,300. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year. [7]
BAPCPA also "capped" the amount of a homestead exemption that a debtor can claim in bankruptcy, despite state exemption statutes. Also, there is a "cap" placed upon the homestead exemption in situations where the debtor, within 1,215 days (about 3 years and 4 months) preceding the bankruptcy case, added value to a homestead.
According to the most recent federal statistics, bankruptcy filing surged by a total of 16.2% between September 2023 and September 2024, reflecting rising costs, mountain debt, and unexpected ...