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What property can be exempted from a bankruptcy proceeding?

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The bankruptcy laws allow a debtor to keep certain property to make a fresh start. That property is removed from the bankrupt estate and is not available to creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. One of the things you can keep is your home. However, the circumstances are different depending on whether there is equity in the home, outstanding mortgages or if the amount due on the mortgages exceeds the value of the home. For a definitive answer, you must consult with an attorney who specializes in bankruptcy law.
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