What is the federal homestead exemption for real property?

Asked over 5 years ago - Paterson, NJ

I've done a lot of research online since I may have to file bankruptcy soon, and have come across numerous sites, including legalconsumer.com, which state the the federal homestead exemption for real property is $20,200, and that my state (NJ) has no homestead exemption, so I would have to use the federal exemption.

However, I had a free consultation with a local bankruptcy attorney who told me that that number and information is wrong and that federal laws would allow me to exempt $50,000 of equity in my home if I were to file bankruptcy.

Is this attorney wrong or are all the sites on the Web wrong?

Attorney answers (1)

  1. Ronald Anthony Sarno

    Contributor Level 20

    Answered . There are always problems with using the internet, The rule might not apply to your state. The internet postings are usually for "most states" so it does not apply to your state. Most NJ BK attorneys are up to date on the new rules. If your BK attorney is currently litigating BK cases, then I would recommend using him or her, and not trying to do this pro se.
    LEGAL DISCLAIMER
    Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information.

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