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Simple English definitions for legal terms

waiver of exemption

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A quick definition of waiver of exemption:

A waiver of exemption is when someone who owes money gives up their right to protect some of their belongings from being taken away by a creditor. This means that the creditor can sell or take away anything they want to pay off the debt.

A more thorough explanation:

A waiver of exemption is when a person who owes money to someone else gives up their right to protect certain possessions from being taken away by the creditor. This happens when a court orders the sale of the debtor's personal property to pay off the debt.

Let's say John owes $10,000 to his creditor. The creditor takes John to court and the court orders the sale of John's car to pay off the debt. However, John has the right to protect his car from being sold because it is exempt from being taken away. If John decides to give up his right to protect his car, he signs a waiver of exemption. This means that the creditor can sell John's car to pay off the debt.

Another example is if a person owes money and has a bank account with $1,000 in it. In some states, a certain amount of money in a bank account is exempt from being taken away by a creditor. If the debtor signs a waiver of exemption, the creditor can take the $1,000 from the bank account to pay off the debt.

These examples illustrate how a waiver of exemption works. It is a way for a debtor to give up their right to protect certain possessions from being taken away by a creditor in order to pay off a debt.

waiver of defenses | waiver of immunity

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JumpySubsequentDolphin
20:48
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JumpySubsequentDolphin
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JumpySubsequentDolphin
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what if I have to pee.
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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
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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
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
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then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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