What Are Nonexempt Assets in a Bankruptcy? - Kemp, Ruge and Green Law Group

When Results Matter

Request Free Consultation

What Are Nonexempt Assets in a Bankruptcy?

Nonexempt assets are those assets that are not exempt by law. For example, retirement is exempt. In a lot of cases, your wages are not. Money sitting in your bank account are nonexempt. If you can pick it up for the most part, it’s not exempt. If you own a house, that you are not living in or claiming as a homestead, that is nonexempt. Homesteaded property and certain equity in cars is exempt, as well as certain amount of personal property, but mostly everything else is nonexempt.