What Are Bankruptcy Exemptions?

A bankruptcy exemption is a federal law that protects certain types of property from being seized by creditors when you file for bankruptcy. Exemptions can vary from state to state, but there are some common exemptions that are available in most states.

The most common exemptions include your home, your car, and your retirement savings. Other common exemptions include personal belongings, such as clothing and furniture, and tools of your trade.

If you have nonexempt property, the trustee may sell it to pay your creditors. However, you may be able to keep some or all of your nonexempt property if you can afford to pay for it.

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