Bankruptcy Proceedings - Exemptions From Execution - Residential Real Property
A bill for an act relating to property tax exemptions by changing the homestead tax exemption to a credit for owners attaining sixty-five years of age and increasing the military service tax exemption, and including effective date and retroactive applicability provisions.
Establishes homestead and bank account exemptions for persons in debt; increases existing exemption amounts for household goods.
Homestead; personal property; exemptions
Relates to the calculation of the homestead exemption amount; relates to the indexing of the homestead exemption for housing value changes; increases the amount of the motor vehicle exemption; limits the homestead exemption available to bankruptcy debtors to one exemption per household; increases the motor vehicle exemption available in bankruptcy proceedings.
Relates to the calculation of the homestead exemption amount; relates to the indexing of the homestead exemption for housing value changes; increases the amount of the motor vehicle exemption; limits the homestead exemption available to bankruptcy debtors to one exemption per household; increases the motor vehicle exemption available in bankruptcy proceedings.
Garnishment and bankruptcy exemptions modified.
Exemptions modification for garnishment and bankruptcy
Increases debt execution exemption amounts for household goods, establishes for persons in debt homestead, bank account, and disposable earnings exemptions, and caps medical debt interest rate.
In judgments and other liens, providing for bankruptcy exemption.