proceeds for damaged exempt property
- Money obtained through insurance or resulting from a settlement to pay for exempt assets in bankruptcy that have been ruined or destroyed
- John used the proceeds for damaged exempt property from his insurance claim to cover the costs of his destroyed belongings.
- The proceeds for damaged exempt property would allow Sarah to still exempt the value of her burned-down home in her bankruptcy case.
- After the flood, the Smiths could utilize the proceeds for damaged exempt property to exempt the amount they would have for their ruined car during bankruptcy.
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