Protecting Your Home With A Homestead Deed

Your equity in your home can only be protected from creditors under the Virginia homestead exemption with the filing of a legally-valid homestead deed.

Generally, you only need protection for equity in your real estate when you are under the risk of collections in the form of judgments or when going through a bankruptcy.  You should speak to an attorney to assure the proper situation and completion of the deed when a house is involved. offer two homestead deed packages for homeowners.  The “Bankruptcy Homestead Deed” package is for individuals going through bankruptcy that own a home.  Our “Complex Homestead Deed” package protects multiple properties for bankruptcy and non-bankruptcy real estate owners.

The protection is for the equity or value in your real estate.  Your “equity” is the value of your real estate minus what is owed to your mortgage company.  In reality, you generally can not recover all of your equity in a sale.  What you general get from the sale of your property is better described as the “net equity” or amount of value after paying any transfer taxes, realtor commissions, and other costs required by law or negotiated as part of the sale of the property.

Don’t forget. Virginia provide very little protection for equity.  If you have more than you believe you can protect under the homestead exemption.  It would be worth your time to review the situation with an attorney from our firm.  There are other means of protecting real estate.