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For debtors filing bankruptcy under Chapter 7, the Louisiana homestead exemption law
has changed. According to the Louisiana Homestead Exemption Act, state
exempt is limited only by acreage, and not value. Yet according to the
new federal bankruptcy laws, valuation is now capped at approximately
$125,000 for the permitted acreage. In practice, the application of the
blended statutory approach results in both value and acreage
limitations.
Anyone owning more than one tract of land, or more than the maximum
acreage allowed, may designate one contiguous tract to claim as the
state homestead using the Louisiana homestead exemption form provided by
the clerk of parish real estate records.
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