Exempt property

Exempt property refers to certain assets that a person is allowed to keep and cannot be taken away in bankruptcy or legal proceedings. This often includes basic necessities like clothing, furniture, and sometimes a primary home or vehicle. The purpose of exempt property laws is to ensure individuals have enough resources to maintain a basic standard of living, even in difficult financial situations. Each jurisdiction may have different rules about what can be exempted, and the specific items protected can vary widely based on local laws.