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. Federal exemptions are not available to Il.