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The dreaded notice of a hearing pursuant to a motion objecting to
exempt property is a common occurrence because of rampant real estate
appreciation. The Delaware Homestead Exemption Act sets forth the
legal requirements for properly declaring the exemption, and establishes
the limit for equity that may be protected from creditors. According to Delaware homestead exemption law,
$5,000 equity in 160 acres or less is permitted. To claim this exemption
in a bankruptcy proceeding, the Delaware homestead exemption form
is insufficient. In bankruptcy cases, debtors must also complete the
federal form as an included schedule, and specifically list all
property.
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