Bankruptcy Reform: Use of the Homestead Exemption by Chapter 7 Bankruptcy Debtors in the Northern District of Texas and the Southern District of Florida in 1998
Highlights
Pursuant to a congressional request, GAO reviewed the use of the homestead exemption by bankruptcy debtors in Texas and Florida, focusing on statistically valid probability samples of chapter 7 bankruptcy cases that were closed in 1998 in the Northern District of Texas and the Southern District of Florida. GAO used the data from these samples to estimate for each district the (1) the proportion of chapter 7 personal bankruptcy debtors who claimed a homestead exemption; (2) average and median amount of the homestead exemptions claimed; (3) average and median amount of total scheduled debts for those debtors who claimed a homestead exemption; and (4) estimated average and median amount of debts discharged by debtors who claimed a homestead exemption.