nonexempt property
- A debtor's assets that can be seized and sold by a trustee for the benefit of creditors in the event of a Chapter 7 bankruptcy, or that creditors can claim if they win a judgment
- Following the bankruptcy ruling, his nonexempt property was sold to repay the creditors.
- Her luxury yacht was deemed as nonexempt property in the bankruptcy case.
- The company's extravagant office building was classified as nonexempt property in the financial proceedings.
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