Exempt Property

Specific assets owned by an individual debtor that the Bankruptcy Code or relevant state legislation allows the debtor to retain from unsecured creditors. For instance, in certain states, the debtor may be able to exclude all or part of the equity in the debtor's main residence (homestead exclusion), or some or all "tools of the profession" utilized by the debtor to earn a livelihood (e.g., automotive tools for a mechanic or dental instruments for a dentist). The availability and extent of assets that the debtor may exclude depend on the state in which the debtor resides.