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What is exempt value?

Updated: 9/20/2023
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Q: What is exempt value?
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What can be garnished to repay a judgment?

Anything that is not exempt under your state's laws, and any value in excess of the exempt value or amount. In Massachusetts, you get to keep a church pew and a few chickens, for example. And $125 a week of your paycheck.


When you go bankruptcy do you have to put up your house for collatoral?

In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.


Can bartering be taxed?

Bartering can be taxed if it involves income. If the goods are traded for fair value, it may be tax exempt.


How do you keep a vehicle before you file chapter 7?

You can usually keep your car if you keep making payments. If you own the car free and clear, and below the exempt amount, you can keep the car. If the value is higher than the exempt amount, then you can pay the difference between car value and exemption to the BK trustee.


Why is value added tax divided into exempt-zero rated and standard rated?

it is a hard to explain quistion and i don't know it


What does exempt mean for series 63 test?

Exempt means, the security is exempt from registration with the state because of a myriad of reasons. If the issuer is exempt that means he is exempt from registration with the state.


If being sued what is non exempt?

Non-exempt refers to assets or property that can be seized or sold to satisfy a judgment in a lawsuit. Non-exempt assets typically include things like cash, investments, real estate, vehicles, and valuable personal belongings. Exempt assets, on the other hand, are protected and cannot be taken to satisfy a judgment. The specific list of exempt and non-exempt assets can vary depending on the laws of the jurisdiction where the lawsuit is filed.


How are IT positions classified as exempt or non exempt?

IT people come under 'Exempt' Category.


Can a for profit company lease property that is tax exempt as a non profit with out the non profit losing its tax exemept status?

In most states in the United States, an otherwise tax exempt entity losses exempt status for that portion that is leased for monetary value (whether to a for-profit or non-profit tenant). For example, if a qualifying tax exempt organization owns a 10,000 square foot building and leases 2,000 square feet to a tenant for monetary value, the 2,000 square foot portion is taxable but the remainder stays tax exempt. The lease would probably be written so that the tenant is responsible for the property taxes on the portion they lease. Check with the local assessor in your state.


Does chapter 7 bankruptcy exempt whole life policies cash value?

This is a great question, but the answer really depends on your state's law. Your state laws define the exemptions that a debtor may use in a bankruptcy.Generally, the cash value of a whole life policy is considered exempt. What is determined by state law is whether your last year's contributions are exempt or not. Some states will require you to pay out of the cash value any amount you paid in during the last 12 months. Other states may have a wild-card exemption which would permit you to exempt those payments regardless of their nature. Bankruptcy is a complex area; you should contact a bankruptcy attorney in your area to discuss this further.


Is exempted the past tense of exempt?

No, "exempted" is the past participle form of "exempt." The past tense of "exempt" is "exempted" as well.


What are Exempt income under income from other sources?

Exempt interest and exempt dividends from qualified municipal bonds.