What are exempt assets?

Our Professional Answer:

Every person who files bankruptcy has certain assets that are exempt. That might be your homestead exemption, your personal property, and clothing or a wildcard exemption that allows you to apply a dollar exemption to anything you own. However, in every state, there are going be state law exemptions. You need to ask your bankruptcy attorney, whether you get the federal exemptions or the state exemptions. It could mean a lot different financial benefits for you.