TLDR: The Homestead Exemption applies to filers who own a home in Washington state and who wishes to protect their home equity. Notice that the thing being exempted is the equity and not the home itself. The reason for this has to do with public policy favoring the average homeowner. Spokane Bankruptcy lawyer John Spalding walks you through how the homestead exemption works, and how it could save your home.

This is an important blog post to read for anyone worried about their assets being seized in a Chapter 7 bankruptcy filing. First, Governor Inslee signed the Fair Shot Act into law. This law beefs up the exemption amounts of Washington state residents [note: you must have been domiciled in Washington for the two years prior to the filing of your case]. Second, please read this post and make a note of what’s relevant to your situation. If you have any questions or concerns, definitely reach out to me for a free consultation.