Q: Homestead exemption
If I file bankruptcy, are there restrictions on how I can spend the $120,000 exemption?
Also, I have 2 liens on the property. How do those factor in to the homestead exemption?
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- New Hampshire
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- Answered
A:
The NH Homestead statute shields your residence from creditors liquidating the home without paying you $120,000. This really just shields you and creditors don't move to liquidate. The liens would need to be examined to determine timing and type of lien. I'd be glad to discuss further, please let me know.
Thank you. William J Amann, Esq.
Timothy Denison agrees with this answer
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