Debtors homestead exemption; in bankruptcy cases; increase homestead exemption for seniors and disabled

Summary

The law now lets residents age 62 or older and those with a disability protect up to $56,400 of their home equity from creditors, instead of the previous $15,000 limit. It also requires that in bankruptcy cases the exemption amount be based on the law in effect on the filing date, not the date the debt was incurred. Technical changes were made to align the code with current style.

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