Can you homestead in california

But as of January 1, , that confusing scheme goes away. Essentially, the exemption amounts have been raised significantly, and will adjust for inflation in the future. But what does all of this mean for California homeowners? The homestead exemption provides a certain amount of protection from judgment creditors — those creditors who sued in court and obtained a legal judgment to collect money owed.

A judgment creditor has the right to take several actions to collect the debt, including selling assets like vehicles and real estate. The amount depends on the median sales of homes in the county where the property is.

Moreover, if a declaration is filed, proceeds from selling the home are protected for six months after the sale.

See more ». The new law, which takes effect on January 1, , increases the homestead exemptions. Furthermore, the new law allows for inflation, and beginning in January of , will be adjusted annually based on changes in the annual California Consumer Price Index for All Urban Consumers for the prior year.

Interested in learning more about the Homestead Exemption Law? Read our other blogs:. California Homestead Exemption Law. Solutions for the Nevada Marketplace. What is a Homestead Exemption? Protection From Creditors A homestead exemption also provides some protection from creditors under certain circumstances. Why are Mortgage Rates Rising in ? In Archive. All Rights Reserved. First Name. Last Name. Phone Number.