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A "Homestead Exemption" is a provision that allows a homeowner to keep their property in the event of financial insolvency. This would apply to bankruptcy, losing lawsuits, and seizure of assets during an investigation or criminal case.
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"They" can take everything from you, except for the home in which you live, up to a certain value (assuming it's paid off and not owned by the bank).
Each state has its own limitation on how much value is protected under that provision.
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Each state has its own limitation on how much value is protected under that provision.
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Virginia and Tennessee's limits are $5,000, for example. Rhode Island is $500,000. So you can see they vary greatly.
If one lives in, say, New York, the exemption protects a real estate asset up to $165,500.
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If one lives in, say, New York, the exemption protects a real estate asset up to $165,500.
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