proceeds for damaged exempt property
In bankruptcy, money received through insurance coverage, arbitration, mediation, settlement, or a lawsuit to pay for exempt property that has been damaged or destroyed. For example, if a debtor had the right to use a $30,000 homestead exemption, but his or her home was destroyed by fire, the debtor may instead exempt $30,000 of the insurance proceeds.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

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