Palm Beach County Office

4400 Northcorp Parkway
Palm Beach Gardens, FL 33410
Phone: 561.626.7561
Fax: 561.626.7561

Martin County Office

8902 S.E. Bridge Road
Hobe Sound, FL. 33455
Phone: 772.408.6969
Fax: 772.781.8969

St. Lucie Information

2400 SE Veterans Memorial Parkway
Port St. Lucie, FL 34952
Phone: 772.408.6969
Fax: 772.781.8969

Thursday 26 Nov 2015

Bankruptcy Terms

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Term Definition

A homeowner's financial interest in a property. Equity is the difference between the value of the property and the amount still owed on its mortgage and other liens.


Property that is exempt is removed from the bankruptcy estate and is not available to pay the claims of creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. The debtor gets to keep exempt property for use in making a fresh start after bankruptcy.


Exemptions are the lists of the kinds and values of property that is legally beyond the reach of creditors or the bankruptcy trustee. What property may be exempted is determined by state and federal statutes, and varies from state to state.

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Phone: 561-626-7561

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