Under Idaho's homestead exemption, the $175,000 protection applies to which of the following?
Correct Answer
B) The owner's primary residence equity from most unsecured creditors, up to $175,000
Idaho's homestead exemption protects up to $175,000 of equity in a homeowner's primary residence from most unsecured creditors, such as credit card companies or medical debt collectors. It does not protect against secured creditors like mortgage lenders or certain tax liens. This exemption amount is higher than many other states and applies only to the owner's declared primary residence, not commercial or investment properties.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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