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  1. #1

    Question Homestead Exemption Waiver

    I am considering bankruptcy and have found that most all of my assets are covered by the homestead exempt.
    However, we have an unsecured loan for 13,000 and when we got the loan we apparently signed a for called a homestead exemption waiver. My question- Does this waiver mean that we waive the right to the homestead exemption if we file bankruptcy? It sounds like it but isn't that the purpose of bankruptcy and the homestead exempt? Any info you can provide will help us a lot. Obviously we didn't know what it meant when we signed it. Just another bad decision in a line of many. Thanks.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,650

    Default Re: Homestead Exemption Waiver

    This is in what state?

  3. #3

    Default Re: Homestead Exemption Waiver

    Sorry, I am in Virginia

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,844

    Default Re: Homestead Exemption Waiver

    I don't see anything in Virginia law which would make a homestead waiver unenforceable. If you are considering bankruptcy, you should have the contract reviewed by a bankruptcy lawyer (try to get a free consultation) to verify that it is in proper form and is actually enforceable.

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