I live in Washington state which has a 125K homestead act. Let's say a creditor sue's you and place's a lien against your home. Let's say you are not immediately declaring bankruptcy, how does the homestead act protect you? Does it mean that the creditor can not force the sale of your home to pay the lien? When you do sale does the creditor get their money first? Or do they get their money after the home owner keep's 125k of his equity.
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Are you confusing this with the new Homestead Exemption of $125,000 in your state when you file for bankruptcy protection? I believe you have to file BK to utilize the exemption (which apparently has increased) but maybe someone from your area with more knowledge of this exemption can chime in._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"
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