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LSDefine

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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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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