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Property that may not be seized by creditors and does not have to be forfeited in chapter 7 bankruptcy. each state has its own list of exempt property; in some states, debtors may choose between the state’s list and a federal list. typically, states exempt clothing, household furnishings, tools of the debtor’s trade, personal belongings, and other basic possessions. many states also exempt a certain amount of the debtor’s equity in a home and a vehicle.

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