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Simple English definitions for legal terms

proceeds for damaged exempt property

Read a random definition: Business Software Alliance

A quick definition of proceeds for damaged exempt property:

Proceeds for damaged exempt property: When someone declares bankruptcy, they may be allowed to keep certain things, like their home, car, or personal belongings. These are called exempt property. If something happens to that property, like a fire or a flood, and they get money from insurance or a lawsuit, they can use that money to fix or replace the damaged property. They can still keep the same amount of exempt property they were allowed before, even if they use the insurance money to pay for it.

A more thorough explanation:

Proceeds for Damaged Exempt Property

Proceeds for damaged exempt property refer to the money received by a debtor through insurance coverage, arbitration, mediation, settlement, or a lawsuit to pay for exempt property that has been damaged or destroyed in a bankruptcy case.

Let's say a debtor has a right to use a $50,000 exemption for their car, but the car is damaged in an accident. If the insurance company pays $30,000 to repair the car, the debtor can use the $50,000 exemption to protect the remaining $20,000 of the car's value from being taken by creditors.

Another example is if a debtor had the right to use a $30,000 homestead exemption, but their home was destroyed by fire. The debtor may instead exempt $30,000 of the insurance proceeds to protect their home from being taken by creditors.

Proceeds for damaged exempt property are important because they allow debtors to protect their exempt property from being taken by creditors in a bankruptcy case. If a debtor's exempt property is damaged or destroyed, they can use the proceeds from insurance coverage, arbitration, mediation, settlement, or a lawsuit to protect their property from being taken by creditors. This ensures that debtors can keep their essential property and start rebuilding their lives after bankruptcy.

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Dkk
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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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.
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