What is the purpose of homestead declaration?
Homestead declaration is an act by which a property owner declares a portion of their property as their homestead, which means it is their primary residence. This declaration provides the homeowner with certain legal protections from creditors, such as preventing the forced sale of the home to pay off debts. Homestead laws vary from state to state, so it's important to research the laws in your area before filing a homestead declaration.