Tag Archive: Homestead Declaration
One step that you can take to protect the equity in your primary residence is to file a Declaration of Homestead. A Homestead Declaration protects your home against certain creditors who might use attachment, seizure, execution on judgment, levy, or sale to collect various debts. The protection is not universal, however. Homestead will not shelter you from “exempted debts” such as mortgages, tax liens, “nursing home” liens, spousal and child support obligations, and certain other court-ordered liens.
There are two levels of protection under the Massachusetts Homestead Act. One, in the amount of $125,000, is automatic. The other, a “declared” homestead, in the amount of $500,000, requires a bit of effort.
Only One Primary Residence Allowed ...