Non-exempt property

Non-exempt property refers to assets that can be seized or sold to satisfy debts, particularly in bankruptcy cases. Unlike exempt property, which is protected and cannot be taken (such as basic necessities or certain personal items), non-exempt property may include items like luxury goods, additional vehicles, or vacation homes. The distinction is important because it affects what individuals can keep versus what creditors can claim to repay debts. Understanding which assets are non-exempt helps individuals make informed decisions about managing their finances and navigating legal obligations.