- Property that is at risk of being lost to creditors when an individual files for Chapter 7 bankruptcy or when a creditor sues and wins a judgment against a debtor. Such property includes valuables and most of the equity in the debtor's house. Compare exempt property.
Business law dictionary. 2015.
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nonexempt property — A debtor s property that can be taken by the trustee and sold for the benefit of the creditors in a Chapter 7 bankruptcy case, or can be seized by creditors if they win a judgment against the debtor. Compare: exempt property Category: Bankruptcy … Law dictionary
nonexempt — adjective 1. (of goods or funds) subject to taxation taxable income nonexempt property • Syn: ↑taxable • Ant: ↑nontaxable (for: ↑taxable) … Useful english dictionary
general property tax — noun : a tax levied on the assessed value of all nonexempt property … Useful english dictionary
bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… … Universalium
execution — ex·e·cu·tion /ˌek si kyü shən/ n 1: the act or process of executing witnessed the execution of the will 2: a putting to death as fulfillment of a judicial death sentence 3: the process of enforcing a judgment (as against a debtor); also: a… … Law dictionary
taxable — adjective (of goods or funds) subject to taxation (Freq. 1) taxable income nonexempt property • Syn: ↑nonexempt • Ant: ↑nontaxable • Similar to: ↑ … Useful english dictionary
procedural law — Law that prescribes the procedures and methods for enforcing rights and duties and for obtaining redress (e.g., in a suit). It is distinguished from substantive law (i.e., law that creates, defines, or regulates rights and duties). Procedural law … Universalium
bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy … Law dictionary
Chapter 7 — liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. Individuals may file Chapter 7 also (Glossary of Common Bankruptcy Terms) A liquidation proceeding available to individuals, married couples,… … Glossary of Bankruptcy
creditor's bill — Equitable proceeding brought to enforce payment of debt out of property or other interest of debtor which cannot be reached by ordinary legal process. Sackin v. Kersting, 105 Ariz. 464, 466 P.2d 758. By use of the creditor s bill, a judgment… … Black's law dictionary