exempt assets

Definition of "exempt assets"
  1. Assets that are shielded from claims of creditors who do not hold liens on them, which the debtor is permitted to keep in bankruptcy
How to use "exempt assets" in a sentence
  1. His primary residence and car fell into the category of exempt assets during bankruptcy proceedings.
  2. Due to the exemption laws, some of her assets were classified as exempt assets.
  3. While filing for bankruptcy, they discovered some of their belongings were considered exempt assets.

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