On March 16, 2023, the New Mexico Legislature passed sweeping changes to New Mexico’s bankruptcy exemptions (2023, ch. 104), effective July 1, 2023: Homestead increased from $60,000 to $150,000 Household goods up to $75,000 per person Motor vehicle exemption increased from $4,000 to $10,000 Jewelry increased to $5,000 Tools of Trade increased to $15,000 Wildcard increased from $500 to $15,000 Exemption in lieu of homestead increased from $5,000 to $15,000 New […]
Wyoming Homestead Increased 5x to $100,000 in 2023
Wyoming Homestead Exemption Increases 5x to $100,000 As of July 1, 2023, the state of Wyoming is apparently trying to keep up with its neighbors who increased their homestead exemptions recently (Colorado in 2022 and Montana). While not as large as Colorado’s homestead of $250,000 or Montana’s inflation-adjusted homestead of $378,560, it still represents a […]
Colorado Expanded the Definition of “Dwelling” to include living in your car: Homestead Exemption Laws Expand to Meet the Modern Age
These days, what people call a “home” can be anything from a mansion to a car parked in a part of the town where they won’t be hassled and can get some sleep. Bankruptcy law has always allowed people to protect their home, through something called a homestead exemption. Homestead laws are generally found in […]
Arizona Homestead increased to $400,000 by Prop 209
December 5, 2022, Arizona increased the state’s homestead exemption from $250,000 to $400,000, the exemption in bank accounts from $300 to $5,000, both the vehicle and household goods exemptions from $6,000 to $15,000, and the garnishment protection to 90% of disposable wages or 60 times the highest minimum wage in the state, whichever is greater. […]
New California Homestead Exemption Makes Chapter 7 Bankruptcy Available to Homeowners
As of January 1, 2021 Californians will enjoy a new homestead exemption law for California which will allow debtors to protect as much as $600,000 of their home’s equity.