This act, which became effective October 1, 2009, increased the amount of home equity protected against creditors. This "homestead exemption" was raised from $18,500 to $35,000 per individual. Since the exempted amount is per individual, $70,000 is protected for a married couple. For homeowners aged 65 or older who previously owned the home with their deceased spouse, $60,000 is exempted.
October 1, 2009