Difference between revisions of "Exempt property"
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| − | '''Exempt property''' is all the [[property]] of a debtor which is not attachable under the Bankruptcy Code or | + | '''Exempt property''' is all the [[property]] of a debtor which is not attachable (i.e. subject to forced sale) under the Bankruptcy Code or a state statute allowing for sale of property to satisfy debts. |
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| + | The most common exempt property is the homestead of a debtor, which is nearly always exempt from forced sale. | ||
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| + | However, if a lien was obtained for the purchase of that property (such as a mortgage to buy a homestead), the property ceases to be exempt for that purpose. | ||
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[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
Latest revision as of 02:30, August 4, 2018
Exempt property is all the property of a debtor which is not attachable (i.e. subject to forced sale) under the Bankruptcy Code or a state statute allowing for sale of property to satisfy debts.
The most common exempt property is the homestead of a debtor, which is nearly always exempt from forced sale.
However, if a lien was obtained for the purchase of that property (such as a mortgage to buy a homestead), the property ceases to be exempt for that purpose.