File - To place a paper in the official custody of the clerk of court to enter into the files or records of a case.⏎
Liquidation - The sale of a debtor's property with the proceeds to be used for the benefit of creditors.⏎
Exemptions, exempt property - Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in.⏎
Family farmer - An individual, individual and spouse, corporation, or partnership engaged in a farming operation that meets certain debt limits and other statutory criteria for filing a petition under Chapter 12.⏎
Exempt assets - Property that a debtor is allowed to retain, free from the claims of creditors who do not have liens on the property.⏎