Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

proceeds for damaged exempt property

Read a random definition: Master of the Pells

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.

Proceeding | process

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
snow
20:31
I agree with dk ^
madollyy
20:31
Got it, thank you. I don't think there is much I can do for my GPA now since I only have 1 semester left for ug but I definitely will be studying my butt off for the LSAT.
Dkk
20:32
Nice!
madollyy
20:32
I really appreciate your advice, guys <3 Wishing you luck on your endeavors!
JumpySubsequentDolphin
20:32
@madollyy: is that your CAS GPA?
madollyy
20:33
That's what's on my transcript! I haven't done that one yet tbh. I get mostly A's, some B's. Got dragged down a bit too much from one D in my first semester though ><
JumpySubsequentDolphin
20:34
do you have any A+’s? that could help your gpa!
JumpySubsequentDolphin
20:36
bc LSAC recalculates A+ to 4.3
madollyy
20:39
Noo :( Unfortunately. I'm surprised that I don't, there were definitely some classes that I remember scoring 98-100% but it doesn't show on my transcript
madollyy
20:41
Acutally
madollyy
20:41
My university does not list A+
JumpySubsequentDolphin
20:42
yeah my university’s the same way, so frustrating! still a great GPA and with a killer LSAT score you’ll be good to go :)
JumpySubsequentDolphin
20:42
if you have the means, I’ve heard private tutoring is the way to go
madollyy
20:44
Fingers crossed! I mean I'd be so so glad to go to law school period, but I am a bit of an overachiever. Dream is Berkeley rn, but I'm of course happy to go anywhere that lines up with my plans. And is kind enough with scholarships lol
madollyy
20:44
I'll have to see if my parents are willing to support that. I'm living on my own but ik if it'd help me they'd be willing to help
JumpySubsequentDolphin
20:47
who knows, you might not even need a tutor! Take a diagnostic and see where you stand :)
Dkk
21:03
@madollyy: yeah that happend to me too with my community college transcript. You can try calling to see if they can alter your transcript but like mine would not do it.
Dkk
21:04
Ask @babycat to tutor you @madollyy
cat food is expensive tho
21:09
I HOPW THAT ISNT REAL
@JumpySubsequentDolphin: I would push back on this. I think for the vast majority of people LSAT tutoring is unnecessary.
21:09
oh its from nov 12 phew
21:09
i was about to have a heart attack
21:09
at the berk decision lmao
@madollyy: I focus on bringing your GPA up as much as possible in the last semester because once you graduate you cannot change that. So don't study for the LSAT next semester if you think that would impair your ability to get straight A's. As for LSAT studying, I would recommend LSAT Demon (ik controversial), the Loophole, and Reading Comp Hero.
*I would focus
JumpySubsequentDolphin
21:11
@texaslawhopefully: oh I’m not sure hahaha im just basing off of my friend who got a tutor bc she was rly struggling and it seemed like it helped her!
Yeah, that's fair! For some people it can help a lot. I'm just saying in general I don't think it is necessary unless you are trying to finetune a very specific area (or get to the high 170s because that is another thing in and of itself) OR are just terrible at the test. I tutor the test and I find that most people can improve just as much through self-study.
JumpySubsequentDolphin
21:13
that makes sense for sure
JumpySubsequentDolphin
21:13
i think for her it was a lack of discipline more than anything else tbh. she could not get herself to meaningfully study on her own
LSD+ is ad-free, with DMs, discounts, case briefs & more.