« Back to Glossary Index

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.

Exempt (Wikipedia)

Exemption may refer to:

  • Tax exemption, which allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation
  • Exemption (Catholic canon law), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank
  • Stauropegic exemption, a specific type of ecclesiastical exemption in Eastern Christianity
  • Grandfather clause, an exemption that allows a pre-existing condition to continue, even if such a condition is now prohibited from being begun anew
  • Exempt employee, is one who is exempt from the Fair Labor Standards Act, i.e. is not entitled to overtime pay and other worker's benefits stated in the FLSA
  • Loophole, a weakness or exception that allows a system, such as a law or security, to be circumvented or otherwise avoided
Exempt (Wiktionary)

English

Etymology

From Middle French exempt, from Latin exemptus, past participle of eximō.

Pronunciation

  • IPA(key): /ɪɡˈzɛmpt/, /ɛɡˈzɛm(p)t/
  • Rhymes: -ɛmpt
  • Hyphenation
... Read More
« Back to Glossary Index