HB1339 - Householder; exemptions from garnishment and lien.

1 Co-Sponsor

Exemptions from garnishment and lien; householder; total value. Increases from $25,000 to $50,000 the amount that a householder may hold exempt from the creditor process for real or personal property that the householder or his dependent uses as a principal residence. The bill also increases from $6,000 to $10,000 the amount a householder is entitled to hold exempt from the creditor process for his motor vehicle. The bill further provides that, beginning on April 1, 2027, any increases in exempt amounts shall be adjusted at three-year intervals to reflect the change in the Consumer Price Index for all urban consumers (CPI-U), as published by the Bureau of Labor Statistics of the U.S. Department of Labor. The bill provides that such adjustments shall be calculated by the Department of Planning and Budget. Exemptions from garnishment and lien; householder; total value. Increases from $25,000 to $50,000 the amount that a householder may hold exempt from the creditor process for real or personal property that the householder or his dependent uses as a principal residence. The bill also increases from $6,000 to $10,000 the amount a householder is entitled to hold exempt from the creditor process for his motor vehicle. The bill further provides that, beginning on April 1, 2027, any increases in exempt amounts shall be adjusted at three-year intervals to reflect the change in the Consumer Price Index for all urban consumers (CPI-U), as published by the Bureau of Labor Statistics of the U.S. Department of Labor. The bill provides that such adjustments shall be calculated by the Department of Planning and Budget.