Protect Against the Loss of Your Home with a Homestead Declaration

By | May 9, 2008

Are you familiar with homestead laws that can help protect you and your loved ones from losing your residence? Many people do not understand how precarious home ownership can be under certain circumstances. Any homeowner may need the protection homestead laws provide, and the best way to ensure you are afforded that protection is through a homestead declaration.

Homestead laws can protect against the loss of your home to creditors. Even if you do not now and never have had credit problems, circumstances that jeopardize your homeownership could arise at any time.

If you are involved in a lawsuit and you lose, the person who receives a court judgment against you could attempt to collect their funds by forcing the sale of your home. It is next to impossible to foresee the circumstances under which a judgment could be made against you or your spouse.

A homestead declaration is an important tool you can use to protect against your home being taken to pay a judgment. Homeowners often rely on attorneys to file homestead declarations in their municipalities, yet this can cost several hundred dollars. Fortunately, there is an alternative to the high costs of legal fees.

The alternative solution is to obtain the homestead forms you need to file your declaration online. By handling your homestead declaration yourself, you can save considerably on the cost of protecting your home from loss to creditors. If you use the correct homestead forms and follow the procedures outlined by your municipality, you will have the same protection as homeowners who have attorneys file their homestead declaration.

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