Exempt assets must be turned over to the Bankruptcy trustee and are used to satisfy the debts of the person filing bankruptcy.

Name: Exempt assets must be turned over to the Bankruptcy trustee and are used to satisfy the debts of the person filing bankruptcy.
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Exempt assets are protected from being taken by creditors in bankruptcy and do not need to be turned over to the bankruptcy trustee. Instead, non-exempt assets may be liquidated to pay off creditors.

Exempt Assets Must Be Turned Over to the Bankruptcy Trustee