What is an exempt asset?
An exempt asset is an asset that cannot be taken away from you by the bankruptcy trustee if you file bankruptcy. Asset exemption can become complicated so it is highly recommended that you hire an experienced bankruptcy attorney. Very few people we meet during their free initial consultation have any non-exempt property. Most people have a home, a car, household items, and retirement accounts, all of which are exempt in bankruptcy. Therefore, it is only on occasion that we meet someone who has non-exempt assets.
