exempt property

exempt property definition - business

exempt property

Property that may be retained in a Chapter 7 bankruptcy or when a judgment is won by a creditor. Most states permit individuals to keep clothing, an inexpensive vehicle, household furnishings, and, in some states, a home. Compare nonexempt property.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.