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I have a client considering filing a deceleration of

homestead, in Clark County NV...
I have a client considering filing a deceleration of homestead, in Clark County NV. From what I gather, there is really not a reason not to. The cost seems nominal; less than $50. Are there any reasons not to file a deceleration of homestead?
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Answered in 4 minutes by:
3/7/2018
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 4,232
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There really does not appear to be any reason not to file a declaration of homestead. There appears to be no downside although the Homestead Law does not protect against creditors in all situation. Still, it seems to be a good benefit with no down size.

The County states the following:

When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $550,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $550,000. A creditor may file suit and can record a judgment lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum. For example, if the value of your home is $645,000 and you have a first mortgage of $485,000 plus a second mortgage of $10,000, the equity is $150,000.

The Homestead law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic's lien, child support or alimony payments.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

Damien Bosco
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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