Relating To Attachment And Execution Of Real Property.
If enacted, SB 31 would have a substantial impact on state laws governing real property exemptions. The bill increases the threshold for a family's primary residence—owned by certain eligible individuals—from a fair market value of $30,000 to $90,000, and a person’s residence from $20,000 to $60,000. This update will enhance protection for vulnerable populations, particularly those affected by financial hardships or debts, as it ensures that they are not entirely stripped of their homes. The adjustment to exemption values serves to better protect the assets of families and older individuals, acknowledging the significant gap created by inflation over the decades.
Senate Bill 31, introduced in the 2023 legislative session, aims to amend existing laws regarding the attachment and execution of real property in the State of Hawaii. Specifically, the bill proposes to increase the exemption amounts that protect certain real properties from being subject to attachment or execution due to debt. The last adjustment to these exemption amounts was made in 1978, and the bill responds to significant inflation since then, which has eroded the original values that were set. The proposed changes set new exemption limits for both individuals over 65 years old and for other persons, increasing the threshold to amounts that better reflect current market conditions.
The bill is expected to face varying opinions among legislators. Proponents argue that it is a necessary update that offers essential protections for families and the elderly, aligning legal standards with contemporary housing markets. Opponents may express concerns regarding the implications of increasing these exemptions on creditors, fearing that it may limit their ability to recover debts through legal avenues. Overall, the bill signals a significant shift towards prioritizing individual rights to property amidst changing economic conditions.