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Homestead Protection
In California, a Homestead Declaration gives protection against involuntary claims against an owner's home.
The amount of equity protected depends on the classification of the owner:
- $100,000, if the owner (or his spouse) is:
- over 65
- physically/mentally disabled, OR
- over 55, with income of:
- $15,000 or less; OR
- $20,000 if married
- $75,000 if the owner lives in the home with his family; OR
- $50,000
The Homestead is either automatic or declared. To declare a Homestead, a one-page document must be filed in the County Recorder where the property is located.
It is preferable to file a Declaration of Homestead before a claim is filed against the property. However, before such a claim can be filed against the property normally a lawsuit judgment is required. Thus, there is usually plenty of notice, and a Homestead can be filed even at the last minute.
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