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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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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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