Exemption

{
  "id": "MLC-T-LAW-001981",
  "term": "Exemption",
  "field": "Law",
  "definitions": [
    "A release from an obligation or liability that would otherwise apply to a particular person or entity. This can be granted by statute, regulation, or by a court order. Common examples include tax exemptions for certain organizations or property, or exemptions from jury duty for specific professions.",
    "Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all \"tools of the trade\" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in."
  ],
  "synonyms": [
    "Exempt property"
  ],
  "references": [
    "U.S. Courts Glossary of Legal Terms"
  ],
  "url": "https://mlchart.com/terminology/law/exemption/"
}