As in other states, a homeowner may be able to keep his or her home if all payments have been made on time, if the bankruptcy court approves of the arrangement as part of a bankruptcy judgment and if the amount of equity in the home is not significantly greater than the homestead exemption.
Alaska provides for a $54,000 homestead exemption for properties that are used as a primary residence. This means that the first $54,000 of equity in the home is exempt from unsecured creditors in bankruptcy proceedings and protected for the homeowner.
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