- exempt
-
Property that is exempt is removed from the bankruptcy estate and is not available to pay the claims of creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. The debtor gets to keep exempt property for use in making a fresh start after bankruptcy. (Bankruptcy in Brief)A description of any property that a debtor may prevent creditors from recovering. (BankruptcyAction.com)A description of any property that a debtor may prevent creditors from recovering. (California Bankruptcy Dictionary)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.