Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

nonexempt property

Read a random definition: actionare

A quick definition of nonexempt property:

Nonexempt property: When someone files for Chapter 7 bankruptcy, they may have to give up some of their property to pay off their debts. Nonexempt property is property that cannot be protected by the law and may be taken by the bankruptcy trustee to pay off creditors. This includes things like a second car or valuable collections. However, some property can be protected by claiming an exemption, which allows the debtor to keep certain things they need to start over, like their home or car. If the debtor doesn't claim an exemption, all their property may be considered nonexempt and taken by the trustee.

A more thorough explanation:

Nonexempt property is a term used in Chapter 7 bankruptcy proceedings. It refers to property that belongs to the debtor's estate and does not qualify for a statutory exemption. In other words, it is property that the debtor cannot protect from creditors.

For example, if a debtor owns a second car or a collection of valuable items, these would likely be considered nonexempt property. If the debtor fails to claim an exemption for this property, the Chapter 7 trustee can take it and sell it to pay off the debtor's creditors.

However, if the debtor claims an exemption for certain property, it becomes exempted property and is protected from creditors. This could include necessities like a home or a car up to a certain value.

The goal of exemptions is to help the debtor get a fresh start, but the balance of interests between the debtor and the creditors must be considered. If exempting the property would cause too much economic harm to the creditors, it will likely be considered nonexempt property.

It's important for debtors to file a timely list of exemptions to protect their property. If they don't, all of their property will be considered nonexempt and subject to liquidation.

nonexempt employee | nonfeasance

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
LSD+ is ad-free, with DMs, discounts, case briefs & more.