The property you can keep after bankruptcy. Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items. An exemption limit means that any equity above the limit is 'non-exempt'.
Equity is the difference between the value of the property and what is owed on the property.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors. Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given. However, property held as tenancy by the entirety may be exempt against the debts owed by only one spouse. Fraternal benefit society benefits Group life insurance policy or proceeds Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors.