Protecting Homes and Other Types of Property

Abstract

This chapter questions the tendency of property law to bestow more generous protection against dispossession due to debts or other losses to residential property than to personal or commercial property or leasehold interests (i.e., renters). Contrary to this pattern in property law, the empirical psychology research on homes suggests only moderate psychological importance to maintaining ownership of one’s particular home, and substantial attachments and psychological interests in personal and commercial property. From the perspective of psychological loss, the strong property protection afforded to homes under tenancy by the entirety and homestead exemptions may be outsized. Conversely, the more limited protection of personal property and compensation for its loss under laws such as bankruptcy exemptions and bailment may be inadequate.