homestead exemption

noun

Legal Definition of homestead exemption 

: an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead — see also declaration of homestead at declaration sense 4

Note: The laws governing the homestead exemption vary greatly from state to state. Most states have limits on the amount for which a debtor is exempted, but a few have no limits at all. Others have limits that are dependent on the size of the property, the type of property, or the age of the property owner.

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