Louisiana has a homestead exemption of $25,000. That means that a homeowner is entitled to keep $25,000 worth of equity in his or her home during a bankruptcy proceeding. If the homeowner is able to keep making his or her mortgage payments and does not have significantly more than $25,000 worth of equity in his or her home then the bankruptcy court is likely to allow the homeowner to keep the home. However, if one or both of those conditions are not met then the home may need to be sold as part of the bankruptcy proceedings.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.