Homestead Act provides protection from unsecured creditors

 It’s a good idea to check to see if a Homestead Declaration protects your home. While homeowners get an automatic $125,000 homestead protection, a homestead declaration allows homeowners who reside in the home to protect their principal residence from unsecured creditors claims up to $500,000. For those individuals over the age of 62 or legally disabled, the law states that a homestead may be filed on each individual’s behalf and the aggregate protection increases to $1 million.

More information.