exempt property
- Assets that cannot be taken by creditors or forfeited in bankruptcy, generally including basic possessions such as clothing, household items, and work tools, with specific rules varying by state
- The debtor was relieved that his car fell under the category of exempt property.
- The court ruled her personal belongings as exempt property in her bankruptcy case.
- His tools of trade were categorized as exempt property, saving him from total financial ruin.
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