Relating To Attachment And Execution.
If enacted, the bill will raise the exemption limit for real property to a fair market value not exceeding $100,000, substantially up from the previous limit of $30,000. Additionally, the bill would also increase the exemption for personal property and motor vehicles, allowing for values up to $15,000. This change intends to provide better financial protection for families who are on the brink of poverty, helping them retain some of their assets rather than losing everything to creditors. Furthermore, it includes protections for one month of child support and spousal support from being attached or executed, further supporting vulnerable families.
Senate Bill 462 aims to amend existing laws regarding the attachment and execution of real and personal property in Hawaii, specifically focusing on increasing the exemptions available to individuals facing debt problems. The legislation recognizes the financial difficulties many families face due to unforeseen events such as job loss, accidents, or health issues. The bill proposes to enhance the safety net for these families by changing outdated statutory exemptions that have not been updated for decades, notably since 1978 and 1999 for real and personal properties, respectively.
Though widely supported due to its aim of enhancing consumer protections, there may be some opposition regarding how these changes might impact creditors' rights and the enforcement of debt recovery. Advocates for creditors may argue that increasing the exemptions could impede their ability to collect debts owed. On the other hand, proponents believe that the legislation helps prevent families from falling deeper into poverty by allowing them to retain essential assets and support during difficult times. Therefore, the discussion around SB462 highlights the balance that needs to be struck between protecting consumers and ensuring that creditors can effectively operate.