California Homesteading Laws
Description
How to fill out California Homestead Declaration For Single Person?
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FAQ
Declared Homestead. Currently, the California homestead exemption is automatic, meaning that a homestead declaration does not need to be filed with the county clerk. Under the new 2021 law, $300,000?$600,000 of a home's equity cannot be touched by judgment creditors.
The home must have been the principal place of residence of the owner on the lien date, January 1st. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located.
California offers an automatic homestead exemption to every homeowner who occupies their home, whether it is a single-family dwelling, mobile home, or even a boat.
The homestead exemption kicks in when a particular creditor attempts to sell your home to pay a judgment against you. If you file for bankruptcy (personal or business), it also protects all or a portion of your home equity from creditors in general. Again, it only offers protection up to a certain dollar amount.
Based on the changes to the California Consumer Price Index for the prior fiscal year, the minimum exemption for 2023 is $339,189 and the maximum is $678,378.