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Simple English definitions for legal terms

impairs an exemption

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A quick definition of impairs an exemption:

Impairment of exemption happens when a person owes money and has a lien on their property, but the amount they owe is more than the value of the property. This means that if they were to sell the property, they wouldn't have enough money to pay off the lien and keep the property. For example, if someone's house is worth $200,000, but they owe $150,000 on their mortgage and have a lien of $15,000, they only have $35,000 left in equity. If they have a homestead exemption of $35,000, the lien impairs their exemption because there wouldn't be enough money left to pay both the lien and the exemption. This is determined by federal and state laws, and it's important to know if you're filing for bankruptcy.

A more thorough explanation:

Impairment of exemption is a legal term that refers to a situation where a lien, along with other liens and the amount a debtor can claim as exempt, exceeds the value of a property. This means that if a debtor's property is worth a certain amount, and they are entitled to a certain amount of exemption, but the total amount of liens on the property is more than the value of the property minus the exemption, then the exemption is impaired.

For example, let's say a debtor owns a home worth $200,000. They are entitled to a homestead exemption of $35,000, and the home is subject to a mortgage of $150,000. This means that the total value of the property minus the mortgage is $50,000. If there is a lien on the property for more than $15,000, then the exemption is impaired. This is because if the mortgage was paid off, there wouldn't be enough equity left to pay both the exemption and the lien.

Another example could be a car that is worth $10,000, and the debtor is entitled to a $5,000 exemption. If there is a lien on the car for more than $5,000, then the exemption is impaired.

These examples illustrate how impairment of exemption works. If the total amount of liens on a property is more than the value of the property minus the exemption, then the exemption is impaired.

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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