Thank you for clarifying that for me, Allen.
Under the NY civil code, up to $50,000 in equity can be protected by a homestead exemption against a judgment creditor typically.
Here is the applicable language of the code:
(a) Exemption of homestead. Property of one of the following types, not exceeding fifty thousand dollars in value above liens and encumbrances
, owned and occupied as a principal residence, is exempt from application to the satisfaction of a money judgment, unless the judgment was recovered wholly for the purchase price thereof: 1. a lot of land with a dwelling thereon, 2. shares of stock in a cooperative apartment
corporation, 3. units of a condominium
apartment, or 4. a mobile home
Here is a link to the code:
So if there is not more than $50k in equity in the homestead, the exemption would typically protect it against seizure by a judgment creditor.
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