SUMMARY

Current law provides an exemption from attachment and execution of certain property of a debtor. The amount of the debtor's interest in a residence of the debtor that is exempt is $35,000, unless the resident is 60 years of age or older, in which case the exempt amount of the residence is $70,000.

This bill amends the law regarding exemption from attachment and execution in the following ways:

1. It clarifies that the exemption for a residence applies only to the principal residence of the debtor;

2. It increases the amount of the principal residence exemption for a debtor less than 60 years of age to $100,000;

3. It increases the amount of the principal residence exemption for a debtor who is at least 60 years of age to $200,000; and

4. It reallocates the exemption for burial plots from the subsection of law that deals with residences to a separate subsection.