"...nobody does a better job than Nolo." - USA Today
Nolo Logo

Since 1971, Nolo's goal has been simple: Make America's legal system accessible to everyone. Our website, books, software, online legal forms and lawyer directory help millions of individuals, businesses and nonprofits solve their legal problems each year.

Small text sizeMedium text sizeLarge text size Print this page
 

Nolo’s Plain-English Law Dictionary

impairs an exemption
When a lien, in combination with other liens and the amount a debtor may claim as exempt, exceeds the value of property. For example, if a debtor's home is worth $200,000, the debtor is entitled to a $35,000 homestead exemption, and the home is subject to a mortgage of $150,000, a lien that exceeds $15,000 impairs the debtor's homestead exemption: Once the mortgage was paid off, there wouldn't be enough equity left to pay both the exemption and the lien.
Dictionary

Search the whole dictionary:

Browse all books, software & legal forms >

Find A Lawyer

Enter zip or city, state ("Boston, MA")

Attorney Profiles

Attorneys: Get Listed

Advertisement

Advertise Here

Nolo Partner

This service is operated by JustAnswer.
Nolo provides no guarantee of the information provided.