Explain the difference between exempt and non-exempt property. Do all states handle exempt property the same way? Why or why not? Try to list as many examples of exemptions as you can, based on your reading of Chapter 6
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Exempt property is the term used to define property that is exempt from seizure by creditors and the trustee, except in rare circumstances. Nonexempt property, however, is subject to seizure. The previous section listed the property interests that are excluded from the bankruptcy estate; this section focuses on property interests that cannot be seized or sold to satisfy creditor claims. The purpose of the exemptions is to leave the debtor with a minimum amount of essential real and personal property to make a fresh start. The Bankruptcy Code allows the debtor to choose between the federal exemptions provided in 11 U.S.C. 522(d) or those allowed under state law. The debtor's state, however, may have opted out of the federal list of exemptions. If so, the debtor is limited to the exemptions allowed under state law. Most states have chosen to opt out of the federal exemptions. State bankruptcy exemptions are found in the statutory codes of that particular jurisdiction.
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Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)
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What will be an ideal response?