Hey Pan... did you see this? Effective 1 Oct 10 - http://www.lawislocal.com/Practice-A...xemption.shtml
Let me see if I can find the actual change...
Here:
REAL PROPERTY, ESTATES, AND TRUSTS
Foreclosure and Homestead Exemption
HB 472 (passed) enhances the protections for homeowners facing foreclosure that were enacted in 2008. This Administration bill seeks to prevent homeowners from losing their home when a loan modification or loss mitigation option may be available to them. Generally, the bill strengthens the disclosures that must be given to a homeowner before a foreclosure action is filed; mandates that a loss mitigation analysis be completed no later than 30 days before a foreclosure sale; and when the residential property is owner-occupied, allows a homeowner to request foreclosure mediation before a foreclosure sale is scheduled.
SB 782/HB 456 (both passed) authorize an individual debtor domiciled in the State to exempt, in addition to $5,000 of personal property, up to $20,200 of owner-occupied residential real property in a bankruptcy proceeding. The “homestead” exemption (1) may be claimed only if the individual and any specified family members of the individual have not received the exemption on a particular property in the prior eight years; and (2) may not be claimed by both a husband and wife in the same bankruptcy proceeding.
Let me see if I can find the actual change...
Here:
REAL PROPERTY, ESTATES, AND TRUSTS
Foreclosure and Homestead Exemption
HB 472 (passed) enhances the protections for homeowners facing foreclosure that were enacted in 2008. This Administration bill seeks to prevent homeowners from losing their home when a loan modification or loss mitigation option may be available to them. Generally, the bill strengthens the disclosures that must be given to a homeowner before a foreclosure action is filed; mandates that a loss mitigation analysis be completed no later than 30 days before a foreclosure sale; and when the residential property is owner-occupied, allows a homeowner to request foreclosure mediation before a foreclosure sale is scheduled.
SB 782/HB 456 (both passed) authorize an individual debtor domiciled in the State to exempt, in addition to $5,000 of personal property, up to $20,200 of owner-occupied residential real property in a bankruptcy proceeding. The “homestead” exemption (1) may be claimed only if the individual and any specified family members of the individual have not received the exemption on a particular property in the prior eight years; and (2) may not be claimed by both a husband and wife in the same bankruptcy proceeding.
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