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Bankruptcy Homestead Exemptions by State in 2024

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One of the biggest worries people have when filing bankruptcy is the fear of losing their home. Thankfully, bankruptcy homestead exemption is designed to help protect your home in many cases.

This concern mainly applies to a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, the person can keep their home if they can afford the bankruptcy repayment plan and also their regular mortgage payment. However, your home equity can increase the amount of money a debtor must pay in a Chapter 13 bankruptcy. So let’s look more closely at keeping your home in bankruptcy and how a bankruptcy homestead exemption works.

Filing bankruptcy in general can be a daunting task. So, if you are interested, John from Ascend actually recently filed Chapter 7 bankruptcy and created a whole bankruptcy experience article series to provide an in depth view of how the process looked like including his exemption requirements.

What is a Bankruptcy Homestead Exemption?

A bankruptcy exemption protects a debtor’s equity in certain assets. Your property is protected when the equity amount in a property is less than or equal to the bankruptcy exemption. Thus the trustee will not sell your property if this is the case.

The Bankruptcy Code includes federal bankruptcy exemptions. Debtors may claim the federal bankruptcy exemption, including a homestead exemption, in some states. Though, states may opt out of the federal exemptions by enacting state-specific bankruptcy exemptions. States can require debtors that have resided in the state for at least two years to use state bankruptcy exemptions. A few states allow debtors to choose between federal and as well as state exemptions. 

For example, we will use the federal bankruptcy exemptions. The federal bankruptcy homestead exemption is currently $25,150 for cases filed on or after April 1, 2019. The government revises these figures every three years to account for inflation.

Use Bankruptcy Homestead Exemptions Calculator for your state

We built the following bankruptcy homestead exemptions calculator to help you estimate the risk of losing your house. This calculator helps you estimate the risk of the following:

  1. Home
  2. Vehicle(s)
  3. Cash
  4. Personal Property

Once you take the calculator, you can then take the Chapter 7 calculator below to estimate whether you qualify and the cost for Chapter 7 bankruptcy.

How does the homestead bankruptcy exemption work in a Chapter 7 bankruptcy?

If a Chapter 7 trustee liquidates your home, the trustee must pay you $25,150 for your homestead exemption. Also, please note a state bankruptcy exemption could be higher. The trustee pays you the exemption after the costs of the sale. The costs of sale include the remaining mortgage amount as well as any closing costs. 

Consequently, if the proceeds of sale less your allowed bankruptcy homestead exemption is a negative amount, the Chapter 7 trustee should not liquidate your home. The trustee’s purpose in liquidating your home is to receive funds for the bankruptcy estate. The trustee can then use these funds to pay creditors. Although, if the Chapter 7 trustee does not anticipate receiving any money, then the liquidation will not benefit the creditors. Firstly, the trustee must pay to sell your home. Next, the trustee will provide you with the amount equal to your homestead exemption prior to paying any creditors.

However, how much would Chapter 7 need to receive for the trustee to liquidate your home. That question is a bit more complicated. 

When May a Chapter 7 Trustee Liquidate My Property? 

There is no simple answer to this question. One of the roles of a Chapter 7 trustee is to represent the interests of your unsecured creditors. Unsecured creditors do not hold a lien on collateral, such as a mortgage or title loan. Therefore, they cannot seize your assets until after they pursue a debt collection lawsuit and obtain a personal judgment against you for the debt you owe. For instance, examples of unsecured debts include credit card bills, medical debts, personal loans, and old utility bills.

A Chapter 7 trustee reviews your property to decide whether to liquidate specific items and also use those funds to pay your unsecured creditors. So if the trustee believes he can receive sufficient funds to distribute to creditors, the trustee may liquidate certain property. 

How does the bankruptcy trustee decide whether to sell a property?

Each Chapter 7 trustee must carefully consider all factors before deciding to sell an asset. Factors may include:

  • The anticipated sales price for the property;
  • Also, the costs of the sale, including a realtor’s commission and closing costs;
  • As well as the Chapter 7 trustee’s commission (graduated percentage based on the amount received by the estate – 25% of the first $5,000, 10% of the next $45,000, and 5% on amounts up to $1,000,000);
  • The sales proceeds must pay for any liens against the property; and,
  • Unsecured creditors do not receive money until the claimed debtors’ bankruptcy exemptions have been paid.

Though if creditors receive a few pennies on the dollar, the trustee may determine that the property is of “inconsequential value”. In this case, the trustee may decide not to liquidate the property. 

However, you can never assume that a trustee will abandon (not sell) property just because there is a minimal amount of equity in the property. The Chapter 7 trustee has the discretion to decide when to liquidate the property. Chapter 7 bankruptcy attorneys often know the trustees in their jurisdiction. Meanwhile, attorneys are usually aware of how certain trustees handle cases and which trustees may be more willing to liquidate smaller assets.

Calculating How Much Money Unsecured Creditors Might Receive in a Chapter 7 Liquidation

A Chapter 13 bankruptcy trustee considers how much money the bankruptcy estate might receive if a Chapter 7 trustee liquidated the home. The Chapter 13 trustee should consider all of the same factors that a Chapter 7 trustee considers when deciding whether to liquidate a home.

However, you may consider that your home is typically sold for a discounted value in bankruptcy. Purchasers may not want to wait for the court to approve the sale. They may also fear that the debtor will save the home at the very last moment. Therefore, bankruptcy sales often result in a lower sales price. However, there is no set formula because markets vary significantly by location and by the current economic climate. 

An experienced Chapter 13 bankruptcy attorney generally knows the maximum percentage the Chapter 13 trustees in that jurisdiction allow for calculating the decrease in the home’s value. He/she will often know the difference between a Chapter 7 liquidation home sales to a standard real estate transaction.

How does the homestead bankruptcy exemption work in a Chapter 13 bankruptcy?

Chapter 13 trustees do not liquidate property. Therefore, the Chapter 13 trustee is not going to liquidate your home if your home equity exceeds your bankruptcy exemption. However, you could be required to pay more money to your unsecured creditors through your Chapter 13 bankruptcy plan.

The key is to determine how much money unsecured creditors would have received in a Chapter 7 case. Your Chapter 13 plan must pay unsecured creditors at least as much as they would have received had you filed under Chapter 7. Therefore, if your unsecured creditors are receiving less through the Chapter 13 plan, the trustee may require you to increase the plan payment until unsecured creditors receive at least as much as they would in a hypothetical Chapter 7 liquidation. 

For example, let’s take the following example of $50,000 is available for unsecured creditors in a hypothetical Chapter 7 liquidation.

  1. That amount would equal a monthly payment toward unsecured debts of $833 over a 60-month Chapter 13 plan. 
  2. Therefore, if your Chapter 13 payment pays unsecured creditors $1,000 a month based on your disposable income and other factors, that should be sufficient to cover the amount they would have received through a Chapter 7 liquidation.
  3. However, if unsecured creditors are scheduled to receive less than $833 per month through your Chapter 13 plan, you may need to increase your plan payment until the unsecured creditors receive at least $833 per month.

You can take the Chapter 13 Calculator that uses the official US bankruptcy forms to help you estimate your Chapter 13 plan payment.

Homestead Exemptions By State in 2024

Now, let’s go through the homestead exemptions state by state, so you can see what the homestead exemptions are for your state.

The Alabama homestead exemption defines as the following, “Ala. Code 6-10-2 – Real property or mobile home to $15,500 after April 1, 2018; property cannot exceed 160 acres (husband & wife may double)”(Source).

Alaska Homestead Exemption

  1. Single Homestead Exemption Alaska: $72,900
  2. Single Homestead Exemption (65+ Or disabled): $72,900
  3. Married / Joint Owners Homestead Exemption Alaska: $72,900
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $72,900

Alaska Stat. § 09.38.010. Principal residence up to $72,900 (joint owners may each claim a portion, but total can’t exceed $72,900)”(Source).

Arizona Homestead Exemption

  1. Single Homestead Exemption Arizona: $150,000
  2. Single Homestead Exemption (65+ Or disabled): $150,000
  3. Married / Joint Owners Homestead Exemption Alabama: $150,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $150,000

“Ariz. Rev. Stat. § 33-1101A. $150,000 for real property, an apartment, or mobile home you occupy to; sale proceeds exempt 18 months after sale or until new home purchased, whichever occurs first”(Source).

Arkansas Homestead Exemption

  1. Single Homestead Exemption Arkansas: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Arkansas: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“Ark. Const. art. 4. For married person or head of family: unlimited exemption on real or personal property used as residence to 1/4 acre in city, town, or village, or 80 acres elsewhere; if property is between 1/4�1 acre in city, town, or village, or 80-160 acres elsewhere, additional limit is $2,500; homestead may not exceed 1 acre in city, town, or village, or 160 acres elsewhere (husband & wife may not double)”(Source).

California Homestead Exemption (Updated 2021)

The California Homestead Exemption in 2021 is the GREATER of the following:

  1. Homestead Equity of $300,000 OR
  2. 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

Colorado Homestead Exemption

  1. Single Homestead Exemption Colorado: $75,000
  2. Single Homestead Exemption (65+ Or disabled): $105,000
  3. Married / Joint Owners Homestead Exemption Colorado: $75,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $105,000

“Colo. Rev. Stat. § 38-41-201. Real property, mobile home, manufactured home, or house trailer you occupy to $75,000; $105,000 if owner, spouse, or dependent is disabled or age 60 or older; sale proceeds exempt 2 years after received”(Source).

Conneticut Homestead Exemption

  1. Single Homestead Exemption Conneticut: $75,000
  2. Single Homestead Exemption (65+ Or disabled): $75,000
  3. Married / Joint Owners Homestead Exemption Conneticut: $150,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $150,000

“Conn. Gen. Stat. § 52-352b(t). Owner occupied real property, co-op or mobile manufactured home, to $75,000; applies only to claims arising after 1993, but to $125,000 in the case of a money judgment arising out of services provided at a hospital. Husband or wife may double the exemption amount.”(Source).

Delaware Homestead Exemption

  1. Single Homestead Exemption Delaware: $125,000
  2. Single Homestead Exemption (65+ Or disabled): $125,000
  3. Married / Joint Owners Homestead Exemption Delaware: $125,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $125,000

“10 Del Code Ann. § 4914(c)(1). Equity in real property or equity in a manufactured home that is debtor’s principal residence”(Source).

District of Columbia Homestead Exemption

  1. Single Homestead Exemption District of Columbia: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption District of Columbia: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“D.C. Code § 15-501(a)(14) Any property used as a residence or co-op that debtor or debtor’s dependent uses as a residence”(Source).

Florida Homestead Exemption

  1. Single Homestead Exemption Florida: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Florida: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“Fla. Stat. Ann. §§ 222.01, 222.02, Fla. Const. Art. X, § 4. Real or personal property including mobile or modular home to unlimited value; cannot exceed half acre in municipality or 160 acres elsewhere; boats generally not protected; spouse or child of deceased owner may claim homestead exemption (husband & wife may double). Bankruptcy requires 40 months residency in homestead.”(Source).

Georgia Homestead Exemption

  1. Single Homestead Exemption Georgia: $21,500
  2. Single Homestead Exemption (65+ Or disabled): $21,500 
  3. Married / Joint Owners Homestead Exemption Georgia:$43,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $43,000

“Georgia Code Ann. § 44-13-100(a)(1) & (a)(6), 44-13-1. Real or personal property, including co-op, used as residence to $21,500 ($43,000 if married, and the property is solely owned by one spouse); up to $5,000 of unused portion of homestead may be applied to any property.”(Source).

Hawaii Homestead Exemption

  1. Single Homestead Exemption Hawaii: $20,000
  2. Single Homestead Exemption (65+ Or disabled): $20,000
  3. Married / Joint Owners Homestead Exemption Hawaii: $20,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $20,000

“Hawaii Rev. Stat. § 651-92(a). $30,000 for head of household or over 65.”(Source).

Idaho Homestead Exemption

  1. Single Homestead Exemption Idaho: $100,000
  2. Single Homestead Exemption (65+ Or disabled): $100,000
  3. Married / Joint Owners Homestead Exemption Idaho: $100,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $100,000

“Idaho Code § 50-1003. Real property or mobile home to $100,000; sale proceeds exempt for 6 months.”(Source).

Illinois Homestead Exemption

  1. Single Homestead Exemption Illinois: $15,000
  2. Single Homestead Exemption (65+ Or disabled): $15,000
  3. Married / Joint Owners Homestead Exemption Illinois: $30,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $30,000

“I.L.C.S. §§ 5/12-901; 5/12-906. Real or personal property including a farm, lot, & buildings, condo, co-op, or mobile home to $15,000; sale proceeds exempt for 1 year”(Source).

Indiana Homestead Exemption

  1. Single Homestead Exemption Indiana: $19,300
  2. Single Homestead Exemption (65+ Or disabled): $19,300
  3. Married / Joint Owners Homestead Exemption Indiana: $38,600
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $38,600

“Ind. Code Ann. § 34-55-10-2(b)(1). Real or personal property used as residence to $19,300. Property held as tenancy by the entirety may be exempt against debts incurred by only one spouse”(Source).

Iowa Homestead Exemption

  1. Single Homestead Exemption Iowa: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“Iowa Code Ann. § 561.16. Unlimited for 40 acres rural, 1/2 acre urban, homestead retains its prior protection despite annexation.”(Source).

Kansas Homestead Exemption

  1. Single Homestead Exemption Kansas: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Kansas: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“Kan. Stat. Ann. § 60-2301. Unlimited for 160 acres rural or 1 acre urban.”(Source).

Kentucky Homestead Exemption

  1. Single Homestead Exemption Kentucky: $5,000
  2. Single Homestead Exemption (65+ Or disabled): $5,000
  3. Married / Joint Owners Homestead Exemption Kentucky: $5,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $5,000

“Ky. Rev. Stat. Ann. § 427.060 Real or personal property used as residence.”(Source).

Louisanna Homestead Exemption

  1. Single Homestead Exemption Louisanna: $35,000
  2. Single Homestead Exemption (65+ Or disabled): $35,000
  3. Married / Joint Owners Homestead Exemption Louisanna: $35,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $35,000

“La. Rev. Stat. Ann. § 20:1. La. Const. Art. 12:9. Property you occupy to $35,000 (if debt is result of catastrophic or terminal illness or injury, limit is full value of property as of 1 year before filing); cannot exceed 5 acres in city or town, 200 acres elsewhere”(Source).

Maine Homestead Exemption

  1. Single Homestead Exemption Maine: $47,500
  2. Single Homestead Exemption (65+ Or disabled): $47,500
  3. Married / Joint Owners Homestead Exemption Maine: $47,500
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $95,000

“14 Me. Rev. Stat. Ann. § 4422(1). Real or personal property (including cooperative) used as residence to $47,500; if debtor has minor dependents in residence, to $95,000; if debtor over age 60 or physically or mentally disabled, $95,000 (joint debtors in this category may double); proceeds of sale exempt for six months.”(Source).

Maryland Homestead Exemption

  1. Single Homestead Exemption Maryland: $22,975
  2. Single Homestead Exemption (65+ Or disabled): $22,975
  3. Married / Joint Owners Homestead Exemption Maryland: $22,975
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $22,975

“Md. Courts and Judicial Proceedings Code § 11-504. Owner occupied residential property or condo or co-op to $22,975. Property held as tenancy by the entirety is exempt against debts owed by only one spouse”(Source).

Massachusetts Homestead Exemption

  1. Single Homestead Exemption Massachusetts: $500,000
  2. Single Homestead Exemption (65+ Or disabled): $500,000
  3. Married / Joint Owners Homestead Exemption Massachusetts: $500,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $500,000

“Mass. Gen. L. Ch. 188 §§ 1, 1A. $500,000 and $500,000 for each age 62+ or disabled person. Record a Declaration of Homestead with the county Registry of Deeds.”(Source).

Michigan Homestead Exemption

  1. Single Homestead Exemption Michigan: $38,225
  2. Single Homestead Exemption (65+ Or disabled): $38,225
  3. Married / Joint Owners Homestead Exemption Michigan: $38,225
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $38,225

“Mich. Comp. Laws Ann. § 600.5451(n). $30,000 / $45,000 if 65+ or disabled. ; property cannot exceed 1 lot in town, village, city, or 40 acres elsewhere; spouse or children of deceased owner may claim homestead exemption.”(Source).

Minnesota Homestead Exemption

  1. Single Homestead Exemption Minnesota : $390,000
  2. Single Homestead Exemption (65+ Or disabled): $390,000
  3. Married / Joint Owners Homestead Exemption Minnesota : $390,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $390,000

“Minn. Rev. Stat. Ann. § 510.02. $390,000 or, if the homestead is used primarily for agricultural purposes, $975,000; cannot exceed 1/2 acre in city, 160 acres elsewhere.”(Source).

Mississippi Homestead Exemption

  1. Single Homestead Exemption Mississippi : $75,000
  2. Single Homestead Exemption (65+ Or disabled): $75,000
  3. Married / Joint Owners Homestead Exemption Mississippi : $75,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $75,000

“Miss. Code Ann. § 85-3-21. $75,000 for 160 acres; sale proceeds exempt. Mobile home (as personal property) to $30,000 (Mobile home does not qualify as homestead unless you own land on which it is located)”(Source).

Missouri Homestead Exemption

  1. Single Homestead Exemption Missouri: $15,000
  2. Single Homestead Exemption (65+ Or disabled): $15,000
  3. Married / Joint Owners Homestead Exemption Missouri: $15,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $15,000

“Mo. Ann. Stat. § 513.475. Mobile home to $5,000″(Source).

Montana Homestead Exemption

  1. Single Homestead Exemption Montana: $250,000
  2. Single Homestead Exemption (65+ Or disabled): $250,000
  3. Married / Joint Owners Homestead Exemption Montana: $250,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $250,000

“Mont. Code Ann. § 70-32-104. Real property or mobile home you occupy to $250,000; sale, condemnation, or insurance proceeds exempt for 18 months. Must record homestead declaration before filing for bankruptcy.”(Source).

Nebraska Homestead Exemption

  1. Single Homestead Exemption Nebraska: $60,000
  2. Single Homestead Exemption (65+ Or disabled): $60,000
  3. Married / Joint Owners Homestead Exemption Nebraska: $60,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $60,000

“Neb. Rev. Stat. §§ 40-101 to -108. Limited to head of household; cannot exceed 2 lots in city or village, 160 acres elsewhere; sale proceeds exempt 6 months after sale.”(Source).

Nevada Homestead Exemption

  1. Single Homestead Exemption Nevada: $550,000
  2. Single Homestead Exemption (65+ Or disabled): $550,000
  3. Married / Joint Owners Homestead Exemption Nevada: $550,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $550,000

“Nev. Rev. Stat. § 21.090(1)(l). Real property or mobile home to $550,000. Must record homestead declaration before filing for bankruptcy.”(Source).

New Hampshire Homestead Exemption

  1. Single Homestead Exemption New Hampshire: $100,000
  2. Single Homestead Exemption (65+ Or disabled): $100,000
  3. Married / Joint Owners Homestead Exemption New Hampshire: $100,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $100,000

“N.H. Code Ann. § 480:1. Real property or manufactured housing (and the land it’s on if you own it).”(Source).

New Jersey Homestead Exemption

  1. Single Homestead Exemption New Jersey: None
  2. Single Homestead Exemption (65+ Or disabled): None
  3. Married / Joint Owners Homestead Exemption New Jersey: None
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): None

“Survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of a single spouse”(Source).

New Mexico Homestead Exemption

  1. Single Homestead Exemption New Mexico: $60,000
  2. Single Homestead Exemption (65+ Or disabled): $60,000
  3. Married / Joint Owners Homestead Exemption New Mexico: $120,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $120,000

“N.M. Stat. Ann. § 42-10-9. Joint owners may double.”(Source).

New York Homestead Exemption

  1. Single Homestead Exemption New York: $82,775-$165,550
  2. Single Homestead Exemption (65+ Or disabled): $82,775-$165,550
  3. Married / Joint Owners Homestead Exemption New York: $165,500-$331,100
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $165,500-$331,100

“N.Y. Civ. Prac. L. and R. § 5206(a). *Real property including co-op, condo, or mobile home, to $165,550 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $131,325 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $82,775 for the remaining counties in the state. Husband and wife may double.”(Source).

North Carolina Homestead Exemption

  1. Single Homestead Exemption North Carolina: $35,000
  2. Single Homestead Exemption (65+ Or disabled): $35,000
  3. Married / Joint Owners Homestead Exemption North Carolina: $70,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $70,000

“N.C. Gen. Stat. § 1C-1601(a)(1). Real or personal property, including co-op, used as residence to $35,000. ($60,000 if 65 or older and spouse is deceased); up to $5,000 of unused portion of homestead may be applied to any property.”(Source).

North Dakota Homestead Exemption

  1. Single Homestead Exemption North Dakota: $100,000
  2. Single Homestead Exemption (65+ Or disabled): $100,000
  3. Married / Joint Owners Homestead Exemption North Dakota: $100,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $100,000

“N.D. Cent. Code §§ 47-18-01, 28-22-02(7). Real property, house trailer, or mobile home.”(Source).

Ohio Homestead Exemption

  1. Single Homestead Exemption Ohio: $136,925
  2. Single Homestead Exemption (65+ Or disabled): $136,925
  3. Married / Joint Owners Homestead Exemption Ohio: $136,925
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $136,925

“Ohio Rev. Code Ann. § 2329.66(A)(1). Real or personal property used as residence.”(Source).

Oklahoma Homestead Exemption

  1. Single Homestead Exemption Oklahoma: Unlimted
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Oklahoma: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“31 Okla. St. Ann. § 2. Unlimited for 160 acres rural, 1 acre urban. $5,000 limit if more than 25% of total sq. ft. area used for business purposes; okay to rent homestead as long as no other residence is acquired.”(Source).

Oregon Homestead Exemption

  1. Single Homestead Exemption Oregon: $40,000
  2. Single Homestead Exemption (65+ Or disabled): $40,000
  3. Married / Joint Owners Homestead Exemption Oregon: $40,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $40,000

“Or. Rev. Stat § 18.395. Real property, mobile home or houseboat you occupy or intend to occupy to $40,000 ($50,000 for joint owners); property cannot exceed 1 block in town or city or 160 acres elsewhere; sale proceeds exempt 1 year from sale, if you intend to purchase another home.”(Source).

Pennsylvania Homestead Exemption

  1. Single Homestead Exemption Pennsylvania: None
  2. Single Homestead Exemption (65+ Or disabled): None
  3. Married / Joint Owners Homestead Exemption Pennsylvania: None
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): None

“Property held as tenancy by the entirety may be exempt against debts owed by only one spouse.”(Source).

Rhode Island Homestead Exemption

  1. Single Homestead Exemption Rhode Island: $500000
  2. Single Homestead Exemption (65+ Or disabled): $500000
  3. Married / Joint Owners Homestead Exemption Rhode Island: $500000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $500000

“R.I. Gen. Laws § 9-26-4.1. Land & buildings you occupy or intend to occupy as a principal residence”(Source).

South Carolina Homestead Exemption

  1. Single Homestead Exemption South Carolina: $58,255
  2. Single Homestead Exemption (65+ Or disabled): $59,100
  3. Married / Joint Owners Homestead Exemption South Carolina: $116,510
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $118,200

“S.C. Code Ann. § 15-41-30(1). Real property, including co-op.”(Source).

South Dakota Homestead Exemption

  1. Single Homestead Exemption South Dakota: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimted
  3. Married / Joint Owners Homestead Exemption South Dakota: Unlimted
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimted

“S.D. Cod. Laws § 43-45-3. Unlimited for 160 acres rural, 1 acre urban. Real property to unlimited value or mobile home (larger than 240 sq. ft. at its base and registered in state at least 6 months before filing) to unlimited value; sale proceeds to $30,000 ($170,000 if over age 70 or widow or widower who hasn’t remarried) exempt for 1 year after sale”(Source).

Tennessee Homestead Exemption

  1. Single Homestead Exemption Tennessee: $5000
  2. Single Homestead Exemption (65+ Or disabled): $5000
  3. Married / Joint Owners Homestead Exemption Tennessee: $7,500
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $7,500

“Tenn. Code Ann. § 26-2-301. $7,500 unmarried / $12,500 unmarried 62+ / $20,000 married and one spouse 62+ / $25,000 married and both spouses 62+”(Source).

Texas Homestead Exemption

  1. Single Homestead Exemption Texas: Unlimited
  2. Single Homestead Exemption (65+ Or disabled): Unlimited
  3. Married / Joint Owners Homestead Exemption Texas: Unlimited
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): Unlimited

“Tex. Const. Art. XVI, §§ 50, 51; Tex. Prop. Code §§ 41.001 to 002. Unlimited for 100 acres rural (single) / 200 acres rural (family), 1 acre urban. sale proceeds exempt for 6 months after sale (renting okay if another home not acquired, Prop. 41.003). Must file homestead declaration, or court will file it for you for a fee. Due to Enron executives keeping multi-million dollar mansions, those convicted of securities violations are capped at $125,000.”(Source).

Utah Homestead Exemption

  1. Single Homestead Exemption Utah: $20,000
  2. Single Homestead Exemption (65+ Or disabled): $30,000
  3. Married / Joint Owners Homestead Exemption Utah: $40,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $60,000

“Utah Code Ann. § 78-23-3. Real property, mobile home, or water rights to $30,000 if primary residence; $5,000 if not primary residence”(Source).

Vermont Homestead Exemption

  1. Single Homestead Exemption Vermont: $125000
  2. Single Homestead Exemption (65+ Or disabled): $125000
  3. Married / Joint Owners Homestead Exemption Vermont: $250,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $125000

“12 Vt. Stat. Ann. § 2740(19)(D). Real property or mobile home. May also claim rents, issues, profits, & out-buildings”(Source).

Virginia Homestead Exemption

  1. Single Homestead Exemption Virginia : $5,000
  2. Single Homestead Exemption (65+ Or disabled): $5,000
  3. Married / Joint Owners Homestead Exemption Virginia : $10,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $10,000

“Va. Code Ann. § 34-4. Must file homestead declaration before filing for bankruptcy. $5,000 plus $500 per dependent; rents & profits; sale proceeds exempt to $5,000 (husband & wife may double, unused portion of homestead may be applied to any personal property); if 65 or older, exemption is $10,000″(Source).

Washington Homestead Exemption

  1. Single Homestead Exemption Washington: $125,000
  2. Single Homestead Exemption (65+ Or disabled): $125,000
  3. Married / Joint Owners Homestead Exemption Washington: $125,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $125,000

“Wash. Rev. Code § 6.13.030. Real property, manufactured home, or mobile home; unimproved property intended for residence to $15,000.”(Source).

West Virginia Homestead Exemption

  1. Single Homestead Exemption West Virginia: $25,000
  2. Single Homestead Exemption (65+ Or disabled): $25,000
  3. Married / Joint Owners Homestead Exemption West Virginia: $50,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $50,000

“W. Va. Code § 38-10-4(a). Real or personal property used as residence; unused portion of homestead may be applied to any property.”(Source).

Wisconsin Homestead Exemption

  1. Single Homestead Exemption Wisconsin : $75,000
  2. Single Homestead Exemption (65+ Or disabled): $75,000
  3. Married / Joint Owners Homestead Exemption Wisconsin : $150,000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $150,000

“Wisc. Stat. § 815.20. Property you occupy or intend to occupy; sale proceeds exempt for 2 years if you intend to purchase another home.”(Source).

Wyoming Homestead Exemption

  1. Single Homestead Exemption Wyoming: $20000
  2. Single Homestead Exemption (65+ Or disabled): $20000
  3. Married / Joint Owners Homestead Exemption Wyoming: $40000
  4. Married / Joint Owners Homestead Exemption (65+ Or disabled): $40000

“Wy. Stat. Ann. § 1-20-101. Real property or house trailer you occupy.”(Source).

My assets appear to be protected. Do I qualify for Chapter 7 bankruptcy?

Exemptions are important in a Chapter 7 liquidation bankruptcy. However, one question is whether you qualify for a Chapter 7 bankruptcy.

You can estimate your qualify using the calculator below. If the result is a “maybe”, this means that you are above the median for your state by below $20,000, so you may want to take our Chapter 7 above-median calculator to estimate whether you’d qualify above the median.
 
 

Ask us Your Questions about Bankruptcy Homestead Exemption

An experienced bankruptcy lawyer bankruptcy calculator to help the attorney understand your situation and  request for an attorney to reach out to you directly. A bankruptcy lawyer understands how to apply bankruptcy exemptions to maximize the protection of your home. Also, an attorney understands how to minimize the value of a home to reduce the potential equity for the bankruptcy estate. 

Please contact Ascend if you have questions about filing bankruptcy. We can help you find a bankruptcy lawyer or provide additional information about bankruptcy options. Call or text us at 833-272-3631 to speak with a representative. 

Ben T Avatar
Ben T
Ben has studied Chapter 7 and Chapter 13 bankruptcy for many years. He has helped thousands of people understand the differences between Chapter 7 and Chapter 13 bankruptcy and has helped build one of the largest bankruptcy attorney networks in the United States.

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