02/05/2021
Did you know...
On September 15, 2020 Governor Gavin Newsom signed into law Assembly Bill 1885 which, beginning January 1, 2021, increased the creditor homestead exemption for personal residences.
Previously, the law provided that a specified portion of equity in a homestead, as defined, is exempt from ex*****on to satisfy a judgment debt and prescribes that the amount of the homestead exemption is either $75,000, $100,000, or $175,000, depending on certain characteristics of the homestead’s residents.
This new bill is great news for home owners because it makes the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed $600,000.
Another benefit of home ownership!!!
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