homestead exemption
- A provision that protects part or all of a primary residence's value from creditors during a bankruptcy proceeding, varying by state
- The law in Ohio allows a homestead exemption, which enabled John to keep his house, despite his bankruptcy.
- Because California has a very generous homestead exemption, Jane was able to protect the equity in her home from her creditors after filing bankruptcy.
- The couple was relieved to learn about the homestead exemption, so they could keep their property during their financial troubles.
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