nonexempt property

Definition of "nonexempt property"
  1. 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
How to use "nonexempt property" in a sentence
  1. Following the bankruptcy ruling, his nonexempt property was sold to repay the creditors.
  2. Her luxury yacht was deemed as nonexempt property in the bankruptcy case.
  3. The company's extravagant office building was classified as nonexempt property in the financial proceedings.

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