What does it mean to say that property is exempt or non‑exempt?
Exempt property is property that the Trustee can not take to sell and pay the proceeds to your creditors. Non‑exempt property is property that the Trustee can sell. If you have non‑exempt property, your attorney will advise you of such, and it is possible that you will lose that property. As with most legal matters, there is a gray area between exempt and nonexempt property. In some instances, we may attempt to exempt some property which will ultimately be classified as nonexempt. You will be advised if you have any such property.
