☩ SOTERIAN GLOSSARY ☩

Living Language Lexicon of the Soteria Covenant

Exemption (Bankruptcy)

Property that a debtor may retain free from creditor claims in bankruptcy, including necessary household items, tools of trade, and limited equity in a home, as specified by federal or state law.

Etymology: Latin 'exemptio' (a taking out) · Category: Bankruptcy Law · Source: 11 U.S.C. § 522
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