Proceeds for damaged exempt property

{
  "id": "MLC-T-LAW-003943",
  "term": "Proceeds for damaged exempt property",
  "field": "Law",
  "definition": "Funds received by a debtor as compensation for damage or destruction to property that is legally protected from creditors. These proceeds retain the exempt status of the original property, preventing creditors from seizing them. This protection is established by state or federal exemption laws, such as those found in bankruptcy codes.",
  "url": "https://mlchart.com/terminology/law/proceeds-for-damaged-exempt-property/"
}