exemptions, exempt property: Certain
property owned by an individual debtor that the Bankruptcy Code or
applicable state law permits the debtor to keep from unsecured
creditors. For example, in some states the debtor may be able to
exempt all or a portion of the equity in the debtor’s primary
residence (homestead exemption), or some or all “tools of the
trade” used by the debtor to make a living (i.e., auto tools for
an auto mechanic or dental tools for a dentist). The availability
and amount of property the debtor may exempt depends on the state
the debtor lives in.
family farmer or family fisherman: An
individual, individual and spouse, corporation, or partnership
engaged in a farming or fishing operation that meets certain debt
limits and other statutory criteria for filing a petition under
fraudulent transfer: A transfer of a
debtor’s property made with intent to defraud or for which the
debtor receives less than the transferred property’s value.
fresh start: The characterization of
a debtor’s status after bankruptcy, i.e., free of most debts.
(Giving debtors a fresh start is one purpose of the Bankruptcy