exempt property

Definition of "exempt property"
  1. 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
How to use "exempt property" in a sentence
  1. The debtor was relieved that his car fell under the category of exempt property.
  2. The court ruled her personal belongings as exempt property in her bankruptcy case.
  3. His tools of trade were categorized as exempt property, saving him from total financial ruin.

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