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Simple English definitions for legal terms

opt-out statute

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A quick definition of opt-out statute:

An opt-out statute is a law that limits the things a person can keep when they file for bankruptcy. The law says that they can only keep what is allowed by their state's bankruptcy laws and some federal laws. Some states can choose to not follow the federal laws and make their own rules. This is called opt-out legislation.

A more thorough explanation:

An opt-out statute is a law that limits the exemptions that a debtor can claim when filing for bankruptcy. This means that the debtor can only claim exemptions provided by state and local bankruptcy laws, as well as nonbankruptcy federal law.

For example, let's say John files for bankruptcy in a state that has an opt-out statute. He can only claim exemptions that are allowed by the state and federal laws, and not any additional exemptions that may be available under the federal bankruptcy code.

The federal bankruptcy code does have an "opt-out" provision that allows states to choose not to adopt the federal exemptions. This means that states can decide to only allow the exemptions provided by their own laws, rather than the federal laws.

Overall, opt-out statutes are designed to limit the amount of exemptions that a debtor can claim, which can make it more difficult for them to protect their assets during bankruptcy proceedings.

opt-out class | opus

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
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
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