What is a Homestead Exemption? Why Do I Need a Lawyer?
For yourself, there is nothing more important than your home. A place to provide you with shelter and stability, it is where you have happy memories of family gatherings and other special events. However, should you face difficulties with creditors or liens, you may find yourself forced to sell your home to satisfy debts. Rather than let this happen, it is important to understand the concept of and take advantage of what is known as a homestead exemption. But to do so, you will need to work with real estate lawyers Orlando residents trust, such as Nishad Khan P.L. and the firm’s team of experienced professionals.
What is the Homestead Exemption?
Simply put, the homestead exemption is a legal tool used to prevent the forced sale of the property by creditors to pay off taxes or other debts. Applying to your primary residence, it can be used even if you do have enough assets to pay off claims associated with the property.
Who Claims a Homestead Exemption?
In most cases, Orlando Florida real estate attorneys work with surviving spouses who have minor children. Used most often when the head of the household dies, this exemption is generally an automatic right in most U.S. states. However, since some states differ in their interpretation of the law, always work closely with Nishad Khan P.L. to make sure you understand how the law applies to your situation.
Does It Protect Everything?
Unfortunately, a homestead exemption does not offer protection from all creditors. For example, secured creditors such as banks with a mortgage on the property may still pursue foreclosure. In addition, it will not protect against court orders for child support or spousal payments.
When in need of Orlando Florida real estate attorneys to help with this matter, turn to Nishad Khan P.L., real estate lawyers Orlando residents trust with these important matters.