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Title : Distinguishing Between Exempt and Nonexempt Property
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Distinguishing Between Exempt and Nonexempt Property

No one looks at property the same way the law does. Most people look at their property in terms of things they own and never make any further distinctions. Maybe you have a prized doll collection, or a great collection of tools so you can rebuild cars. Regardless, most people look at property as extensions of themselves and they do not spend a lot of time wondering about creditors perfecting security interests in chattels or commercial paper. One of the first things you will notice when you begin investigating whether to file for bankruptcy is that the law puts a great deal of emphasis on such seemingly arbitrary classifications and you can find yourself overwhelmed with legal jargon.

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