With a new law allowing debt collectors access to more of a home’s equity when the owner sells or refinances, ABC15 turned to Lamar Hawkins for insight on what this means for Arizona homeowners .
Lamar explained that although the law raises the amount of money that is supposed to be protected from debt collectors by the homestead exemption from $150,000 to $250,000, it actually removed the protections previously provided by homestead exemption. It also applies to past and future recorded judgments, which may result in some completed bankruptcies being reopened.
Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission, Lamar assists his clients with all phases of commercial and consumer debt workout and bankruptcy services. He enjoys helping others find a light at the end of the tunnel, and frequently assists Arizona media in covering financial and legal matters.