Which property is protected from debt collection

(a) Real property shall be exempt from attachment or execution as follows: (1) An interest in one parcel of real property in the State of Hawaii, of a fair market value not exceeding $30,000, owned by the defendant who is either the head of a family or an individual sixty-five years of age or older. (2) An interest in one parcel of real property in the State of Hawaii, of a fair market value not exceeding $20,000, owned by the defendant who is a person. The fair market value of the interest exempted in paragraph (1) or (2) shall be determined by appraisal and shall be an interest which is over and above all liens and encumbrances on the real property recorded prior to the lien under which attachment or execution is to be made. Not more than one exemption shall be claimed on any one parcel of real property even though more than one person residing on such real property may otherwise be entitled to an exemption. Any claim of exemption under this section made before May 27, 1976, shall be deemed to be amended on May 27, 1976, by increasing the exemption to the amount permitted by this section on May 27, 1976, to the extent that such increase does not impair or defeat the right of any creditor who has executed upon the real property prior to May 27, 1976. (b) No exemption authorized under this section shall apply to process arising from: (1) A lien as provided by section 507-42; (2) A lien or security interest created by a mortgage, security agreement, or other security instrument; (3) A tax lien in the name of the federal or state government; (4) An improvement district lien of any county of the State; or (5) A lien or encumbrance recorded against the real property prior to the acquisition of interest in and commencement of residence on such real property.