Exemptions, Exempt Property

Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor’s primary residence (homestead exemption), or some or all “tools of the trade” used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in.

« Back to Glossary Index
0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

©2019 Diaz & Larsen Attorneys at Law

Log in with your credentials

Forgot your details?