nonexempt property
nonexempt property. A debtor’s holdings and possessions that a creditor can attach to satisfy a debt. Cf. EXEMPT PROPERTY(1).
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Search Results for: NONEXEMPT PROPERTY
exempt property
exempt property. 1. A debtor’s holdings and possessions that, by law, a creditor cannot attach to satisfy a debt. • All the property that creditors may lawfully reach is known as nonexempt property. Many states provide a homestead exemption that excludes a person’s house and household items, up to a certain amount, from the liens
chapter 7
Chapter 7. 1. The chapter of the United States Bankruptcy Code allowing a trustee to collect and liquidate a debtor’s nonexempt property, either voluntarily or by court order, to satisfy creditors. [Cases: Bankruptcy 2251. C.J.S. Bankruptcy § 50.] 2. A bankruptcy case filed under this chapter. • An individual debtor who undergoes this type of
judgment lien
A lien imposed on a judgment debtor’s nonexempt property. • This lien gives the judgment creditor the right to attach the judgment debtor’s property. — Also termed lien of judgment. See EXEMPT PROPERTY. [Cases: Federal Civil Procedure 2671; Judgment 752–802. C.J.S. Judgments §§ 551–616.]
abstract of judgment
abstract of judgment. A copy or summary of a judgment that, when filed with the appropriate public office, creates a lien on the judgment debtor’s nonexempt property. See judgment lien under LIEN. [Cases: Judgment 768(1).C.J.S. Judgments §§ 559–561, 568.]
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liquidation
liquidation, n. 1. The act of determining by agreement or by litigation the exact amount of something (as a debt or damages) that before was uncertain. 2. The act of settling a debt by payment or other satisfaction. 3. The act or process of converting assets into cash, esp. to settle debts. one-month liquidation. A
judgment lien
judgment lien 判决留置权 对败诉债务人的不享有扣押豁免权的财产〔nonexempt property〕设定的留置权，胜诉债权人有权据此扣押债务人的财产以实现其判决确定的债权。也称作lien of judgment。