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Non-exempt property

Law Nonexempt assetsNonfeasance

NON-EXEMPT PROPERTY: In a bankruptcy, the possessions of a person that can be sold.
NONIMMIGRANT VISA: Visa granted to a foreigner who does not intend to stay in the U.S. permanently.

 


If an individual doesn’t have any non-exempt property, suing him is a waste of time, because a money judgment against him is useless if you cannot collect what the Court declares that he owes.

In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors.

See also: Case, Civil law, Complaint, Action, Defendant

Law Nonexempt assetsNonfeasance

 
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