HI HB429

Increases the homestead exemption in bankruptcy proceedings from $20,000 to $2,000,000 for all persons in Hawaii.

Requires that the exempted real property must be the person's principal residence.

Eliminates the previous distinction between heads of families and individuals age 65 or older, extending the higher exemption to all persons equally.

Addresses economic hardship caused by the COVID-19 pandemic, citing unemployment increase from 2.8% (2019) to 23.8% (May 2020) and noting the exemption had not been adjusted since 1978.

Takes effect upon approval; includes conforming amendments to related bankruptcy exemption statutes (HRS §651-96).