Definition - What does Exempt Property mean?
Exempt property refers to property that cannot be forfeited or seized by creditors. When it comes to different states, each has its unique list of exempt property. In some states, the debtor is allowed to choose from the federal list and state list.
Justipedia explains Exempt Property
Exempt property typically include things like home furnishings, clothing, certain personal belongings, tools of debtor trade and a few other possessions. In some states, homes and vehicles are also treated as exempt property.
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