What is a Homestead?
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 judgement lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum.
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.
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