Definitions for "Exempt assets"
Assets not at risk of being seized or forfeited as a result of legal action.
assets/property which cannot be sold in bankruptcy by the trustee. These are identified in s116 of the Bankruptcy Act.
Assets that are specified in the tax legislation as being free from capital gains tax such as motor cars.
Property owned by a judgment debtor that cannot be taken to pay the judgment.
property of a judgment debtor that is legally protected (See Claim of Exemption).