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What are exemptions?

Exempt property is property that is taken out of the bankruptcy estate and kept by an individual debtor. The availability and amount of property the debtor may claim as exempt depends on the state the debtor lives in. In some states, the debtor has a choice between a specified federal list of exemptions and the exemptions provided by the state
 
http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics
 
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