Objection to Exemptions (Bankruptcy) Law and Legal Definition
Objection to exemptions refer to the objections filed by the creditors in a bankruptcy proceeding questioning the exemptions given to the debtor.
In bankruptcy cases, when a debtor files for chapter 7 liquidation bankruptcy, they are allowed to obtain exemptions. Exemptions are the lists of the kinds and values of property that is legally beyond the reach of creditors or the bankruptcy trustee. The exempted properties cannot be liquidated and cannot be sold off to pay off the debtor’s debts. However, a trustee or a creditor can object to exemptions by giving a valid reason why the exemptions should not stand. A debtor can respond to the objection to exemption in order to continue to retain the contested property.
Legal Definition list
- Objection to Exemptions (Bankruptcy)
- Objection to Dischargeability ( Bankruptcy)
- Objection to Consideration of a Question
- Objection in Point of Law
- Objection to the Notice of Intent to Proffer
- Objective Ethics
- Objective Evidence
- Objective Medical Documentation
- Objective Medical Evidence
- Objective Novation