RoaldDahl
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LSDefine
Simple English definitions for legal terms
tools of the trade
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A quick definition of tools of the trade:
Tools of the trade are the things that a person needs to do their job. These can be things like tools, equipment, and machines that are used in their profession. For example, a carpenter might have a hammer, saw, and nails as their tools of the trade. These things are important for the person to do their job well. They are also protected from being taken away by creditors or in a bankruptcy case.
A more thorough explanation:
Definition: Tools of the trade are the essential items that a person needs to do their job. These can include instruments, tools, equipment, devices, and machinery that are commonly used in a particular profession or trade.
For example, a carpenter's tools of the trade might include a hammer, saw, drill, and measuring tape. An electrician's tools of the trade might include pliers, wire cutters, and electrical tape. A chef's tools of the trade might include knives, pots and pans, and a stove.
Tools of the trade are considered exempt property, which means that they cannot be taken away by creditors or bankruptcy trustees. This is because they are necessary for a person to earn a living and support themselves and their family.
Overall, tools of the trade are the essential items that a person needs to do their job, and they are protected from being taken away by creditors or bankruptcy trustees.