In a Few States, Statutes Allow the Homestead Exemption Only

question 62

True/False

In a few states, statutes allow the homestead exemption only if the judgment debtor has a family.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization, which they seek in a pre-determined order.

Physiological

Pertaining to the branch of biology that deals with the normal functions of living organisms and their parts, including the physical and chemical processes involved.

Self-Actualisation

The achievement of realizing one's abilities and potential, viewed as an innate motivation or necessity in all individuals.

Deficit Principle

A concept indicating that the less frequently a reward is available or the less a need is satisfied, the more value or desirability that reward or satisfaction of the need has.