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The Bankruptcy Code Exempts Specified Property of an Individual Debtor

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Essay

The Bankruptcy Code exempts specified property of an individual debtor from bankruptcy. What are some of these exemptions?


Definitions:

Surety Relationships

A legal arrangement where a third party (the surety) agrees to take responsibility for the debt or obligation of a borrower if the borrower defaults.

Modification

An alteration or change to an existing agreement or contract.

Surety Agreement

A legal contract where one party (the surety) guarantees the performance, obligations, or debts of another party (the principal) to a third party (the obligee).

Auto

Short for automobile, referring to any self-propelled vehicle used for transportation on public roads.

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