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| bankruptcy | |
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The tools of trade are a term generally used in Bankruptcy Law to determine what property a person would commonly use for the purpose of making a living, as items that are tools of trade are separately exempt from attachment with an additional amount above that normally given for a person's property. For example, under bankruptcy law, a person might be allowed $2,000 in household effects, but also allowed an additional $5,000 for tools of the trade. Thus, anything the person can show is used by them for earning a living is carried under a separate exemption. Thus, a man who paints houses for a living would have to include his computer under household effects, but a computer programmer would be able to claim a computer as part of his tools of trade. |
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