Exempt Property
Specific tangible personal property, such as household furniture, automobiles, and appliances up to a statutory value, that a surviving spouse or children may claim from the estate ahead of creditors.
Encyclopedia entry: Exempt Property
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exempt property
Exempt property is any property that creditors cannot seize and sell in order to satisfy debt during chapter 7 or chapter 13 bankruptcy. The type of property exempted differs from state to state but often includes clothes, home furnishings, retirement plans, and small amounts of equity in a house and car.
[Last reviewed in July of 2021 by the Wex Definitions Team
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.