Exemptions are protections that the law provides for your real and personal property. If an asset is “exempt,” it is protected. For instance, if you file a Chapter 7 you may exempt equity in your home . This amount is protected from your creditors. If your home equity is under the allowable equity amount, you can keep your home, assuming the payments are current, while discharging your other debts. Different exemptions are available to protect your vehicle and personal property. The attorney will provide you with a full review of this at the time of your initial consultation.