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Committee advances bill to raise homestead exemption for elderly and disabled debtors
Summary
House Bill 96 would raise the homestead exemption for elderly and disabled debtors emerging from bankruptcy to $56,400 to limit foreclosures; the committee approved the bill and staff confirmed the exemption applies to people 62 or older or those with a disability.
Representative Pringle introduced House Bill 96, saying it was drafted after consultations with bankruptcy lawyers and a bankruptcy judge to protect elderly and disabled homeowners who file for bankruptcy. "What this bill does, it raises and bankruptcy for senior citizens, elderly... It raises their homestead exemption," Pringle said, explaining the goal is to reduce foreclosures following bankruptcy.
Pringle said the bill raises the homestead exemption to $56,400; during questions members noted the current figure cited in the exchange was $15,000. Representative Collins and staff discussed whether the bill's language uses "and" or "or" between age and disability criteria; committee staff (Dustin) confirmed the bill is drafted so either category—being 62 or older or having a disability—would qualify for the exemption.
Representative Drummond moved for a favorable report; Representative Chestnut seconded. The motion passed by voice vote and the committee gave HB96 a favorable report.
No roll-call tally was recorded in the transcript; members indicated assent by responding "Aye."
