Property that is exempt is removed from the bankruptcy estate and is not available to pay the claims of creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. The debtor gets to keep exempt property for use in making a fresh start after bankruptcy. (Bankruptcy in Brief)

A description of any property that a debtor may prevent creditors from recovering. (BankruptcyAction.com)

A description of any property that a debtor may prevent creditors from recovering. (California Bankruptcy Dictionary)

United Glossary of Bankruptcy Terms 2012.

Glossary of Bankruptcy.


Look at other dictionaries:

  • exempt — exempt, empte [ ɛgzɑ̃(pt), ɑ̃(p)t ] adj. et n. m. • XVIe; exant v. 1265; lat. exemptus, p. p. de eximere « tirer hors de, affranchir » I ♦ Adj. EXEMPT DE (qqch.). 1 ♦ Qui est affranchi d une charge, d un service commun (⇒ exemption) …   Encyclopédie Universelle

  • exempt — exempt, empte 1. (è gzan gzan t ) adj. 1°   Qui n est point assujetti à. Être exempt du service militaire. Être exempt de la taxe. •   Tous le disent exempt de la rigueur des lois, ROTR. Vencesl. v, 8.    Il est exempt de bien faire, se dit par… …   Dictionnaire de la Langue Française d'Émile Littré

  • exempt — ex·empt 1 /ig zempt/ adj: free or released from some obligation or duty to which others are subject: not subject or liable certain properties are declared to be exempt and cannot be taken by a person s creditors J. H. Williamson exempt 2 vt: to… …   Law dictionary

  • Exempt — Ex*empt , a. [F. exempt, L. exemptus, p. p. of eximere to take out, remove, free; ex out + emere to buy, take. Cf. {Exon}, {Redeem}.] 1. Cut off; set apart. [Obs.] [1913 Webster] Corrupted, and exempt from ancient gentry. Shak. [1913 Webster] 2.… …   The Collaborative International Dictionary of English

  • Exempt — Ex*empt , v. t. [imp. & p. p. {Exempted}; p. pr. & vb. n. {Exempting}.] [F. exempter. See {Exempt}, a.] 1. To remove; to set apart. [Obs.] Holland. [1913 Webster] 2. To release or deliver from some liability which others are subject to; to except …   The Collaborative International Dictionary of English

  • exempt — exémpt adj. m., pl. exémpţi; f. sg. exémptă, pl. exémpte Trimis de siveco, 10.08.2004. Sursa: Dicţionar ortografic  EXÉMPT, Ă adj. (jur.) Care nu este supus unei obligaţii, liber de ceva. [< …   Dicționar Român

  • exempt — [adj] freed from responsibility absolved, beat the rap*, clear, cleared, discharged, excepted, excluded, excused, favored, free, immune, let go*, let off*, liberated, not liable, not responsible, not subject, off the hook*, outside, privileged,… …   New thesaurus

  • exempt — ► ADJECTIVE ▪ free from an obligation or liability imposed on others. ► VERB ▪ make exempt. DERIVATIVES exemption noun. ORIGIN Latin exemptus taken out, freed …   English terms dictionary

  • -exempt — [ɪɡˈzempt] ; [ɪɡˈzempt] (in compounds, forming adjectives) • tax exempt donations to charity Main entry: ↑exemptderived …   Useful english dictionary

  • Exempt — Ex*empt , n. 1. One exempted or freed from duty; one not subject. [1913 Webster] 2. One of four officers of the Yeomen of the Royal Guard, having the rank of corporal; an Exon. [Eng.] [1913 Webster] …   The Collaborative International Dictionary of English

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