Proponents of the law say it has created a more balanced system that eliminates abuse and provides debt relief at the level at which people truly need it. They argue that bankruptcy frequently has been the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires -- often celebrities -- who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.
Tags:
Homestead Exemptions
Multimillionairies
Bankruptcy
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