Homestead Exemption - Definition - Law Dictionary Home Dictionary Definition homestead-exemption

homestead exemption

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: an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead see also declaration of homestead at declaration 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 or type of property, or the age of the property owner.