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The homestead exemption is a central focus in all Chapter 7 cases
filed by homeowners. Filing bankruptcy under Chapter 7 requires all
assets to be listed in a separate schedule for claiming an exemption
under state homestead laws, plus a cite specific legal authority relied
upon to exempt each item of listed property.
Most state Homestead Acts, but not all, further provide exempt status
for attached improvements within a general drag clause. Wells,
dwellings, buildings, landscaping, and related water, oil, gas and
mineral rights may be included. When filing bankruptcy, designation by
legal description, according to provisions of state homestead laws, may
be necessary to preserve exempt status.
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