As popularity of debtors' prison declined, concept of giving debtor a fresh start became one of primary purposes of bankruptcy process. It is important to remember that a bankruptcy is a personal action which at time of discharge gives petitioner (formerly debtor) a fresh start. The property owned by petitioner does not get fresh start, individual does.

The fact that bankruptcy is a personal action may shed some light on effect of a homestead exemption in a bankruptcy proceeding. The bankruptcy code acknowledges validity of homestead exemption. A homestead exemption is a personal exemption which, in an effort to preserve a person's home, protects a certain amount of an individual's equity in homestead property. State law determines extent and effect of a homestead exemption. Thus, if state law says that a person can declare a homestead up to $45,000 and if there is less than $45,000 equity in property, that equity in property is protected by homestead exemption. This principal operates without regard to Federal Bankruptcy Code.

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