homestead law
Residence creditor shield
A homestead law protects a family's primary residence from seizure by creditors.
These laws, which vary by state, typically shield a portion of a home's value from forced sale in bankruptcy or debt collection.
The federal Homestead Act of 1862 was different—it granted settlers public land in exchange for farming it.
- ownershipLegal right of possession
- property rightsLegal control over possessions
- primary residenceMain place of habitation
- exemptionRelease from requirement
- legal protectionRights enforceable by law
bankruptcy · debt collection · statute · frontier settlement · pioneer spirit · family farm · foreclosure · deed · debtor · lien · back taxes · land grant · free land · probate · domicile · inheritance · creditor · tax relief
homestead lawproperty seizure
Legal taking of assets
levy · sheriff's sale · forced sale · deficiency judgment · writ of execution
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