Definition
n. in bankruptcy law, the equipment a person requires in order to pursue his occupation, which is exempt from claims of creditors. They are also generally exempt from attachment by judgment creditors since it is important for a person to earn an income to support the family and pay creditors.
Context: Used in General Law
Examples
- In practice, “tools of trade” means in bankruptcy law, the equipment a person requires in order to pursue his occupation, which is exempt from claims of creditors.