- In a bankruptcy proceeding, the possessions that an individual is allowed to keep (i.e., protect against seizure) if he or she loses a lawsuit to a creditor or files for Chapter 7 bankruptcy. In general, one can keep such basic items as clothing, household furnishings, a car worth $2,500 or less, and Social Security payments. In a few states, one can keep one's house.
Business law dictionary. 2015.
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exempt property — Property that may not be seized by creditors and does not have to be forfeited in Chapter 7 bankruptcy. Each state has its own list of exempt property; in some states, debtors may choose between the state s list and a federal list. Typically,… … Law dictionary
exempt property — Property or value in such property that is removed from the bankruptcy estate after having been properly declared as exempt in the bankruptcy schedules without any objection thereto (SA Bankruptcy.com) Property or value in property that a debtor… … Glossary of Bankruptcy
Exempt property — Exempt property, under the law of property in many jurisdictions, is property that can neither be passed by will nor claimed by creditors of the deceased in the event that a decedent leaves a surviving spouse or surviving descendants. Typically,… … Wikipedia
exempt property — Real estate of religious, educational, and charitable organizations, as well as of federal, state and local government which is not subject to real estate taxes. With respect to property that is exempt in bankruptcy, attachment, etc., proceedings … Black's law dictionary
proceeds for damaged exempt property — In bankruptcy, money received through insurance coverage, arbitration, mediation, settlement, or a lawsuit to pay for exempt property that has been damaged or destroyed. For example, if a debtor had the right to use a $30,000 homestead exemption … Law dictionary
schedule of exempt property — The list of property selected by a debtor as that which he claims exempt from execution. 31 Am J2d Exemp § 146. A part of the schedule to be filed by a bankrupt. 9 Am J2d Bankr § 367 … Ballentine's law dictionary
selection of exempt property — The act of a debtor in choosing the property he wishes to retain, as against an execution, where he has more than the number or value of chattels allowed by law as exempt. 31 Am J2d Exemp § 146. See designation of homestead … Ballentine's law dictionary
property of the estate — All legal and equitable interests of the debtor in property as of the petition date (SA Bankruptcy.com) The property that is not exempt and belongs to the bankruptcy estate. Property of the estate is usually sold by the trustee and the claims of… … Glossary of Bankruptcy
exempt — Property that is exempt is removed from the bankruptcy estate and is not available to pay the claims of creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. The… … Glossary of Bankruptcy
exempt — ex·empt 1 /ig zempt/ adj: free or released from some obligation or duty to which others are subject: not subject or liable certain properties are declared to be exempt and cannot be taken by a person s creditors J. H. Williamson exempt 2 vt: to… … Law dictionary