answersLogoWhite

0

What are debtor's exemptions?

Updated: 9/11/2023
User Avatar

Wiki User

14y ago

Best Answer

Every person that files for bankruptcy or has a judgment awarded against them in a lawsuit is entitled to certain property exemptions. Exemptions are determined by the state law where the person resides. For homeowners the most important would be the homestead exemption which can be used to protect a home from a forced sale. Even if the home cannot be kept, the person can claim the maximum homestead amount allowable under state statutes.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

11y ago

Real or personal property that under state (sometimes federal) laws are not subject to seizure by a judgment creditor(s) and/or government agency such as the IRS for repayment of debt(s).

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What are debtor's exemptions?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What does modified order mooting objection to debters claim of exemptions mean?

It means the objection is not effective, so the debtors' exemption claims remain in effect.


What is the difference between trade debtors and sundry debtors?

The difference between trade debtors and sundry debtors is trade debtors are specific debts like credit cards. Sundry debtors are a wide variety of debtors that can be from any source.


What happened to debtors in England?

Debtors in England were sent to debtors prison.


What often happened to debtors in England?

Debtors in England were sent to debtors prison.


What are the advantages of debtors?

what are the advantages of debtors?


What are the differences between trade debtors and sundry debtors?

sundry means "various". Sundry debtors means various debtors which not only include credit sales, but also include all other debtors(related to financial and other debt). So Trade debtors was part of sundry debtors. ok


Did England have prisons for debtors?

England had many debtors prisons until the Debtors Act in 1869 abolished them.


What are the classification of debtors?

what are the classifications of debtors? what is the meaning of debtor exceeding 6 months & debtors for the year? how to calculate this?


What is the difference between debtors and sundry debtors?

why debtors and creditors are called as sundry? Debtors = In general business terminology means Customers to whom the goods are sold on credit. Sundry = Various Therefore Sundry Debtors means Debtors for various reasons and not merely for Credit Sales.


How can you get Slovenia pasport as a Nigeria citenzihp?

Naturalisation for aliens without exemptionsNaturalisation with exemptions for persons of Slovenia descentNaturalisation with exemptions for persons who previously had Slovenian citizenshipNaturalisation with exemptions for persons who are married to a Slovene citizenNaturalisation with exemptions for persons born in SloveniaNaturalisation with exemptions for refugeesNaturalisation with exemptions for persons without citizenshipMore on: http://www.mnz.gov.si/en/ - Ministry of Interior


Are third party exemptions Froze?

Are third party exemptions froze?


Are there any personal exemptions of property in a bankruptcy action?

If you mean exemptions of personal property, as opposed to real estate, yes, but they depend on state exemptions or federal exemptions in states that allow a choice of state or federal exemptions. Consult a local bankruptcy lawyer for specifics for your state.