Some property is exempt from bankruptcy, meaning that you can retain the property despite the fact that you have filed bankruptcy. Property that is exempt under federal and/or state laws remains exempt, no matter the size or number of your outstanding debts. For instance, automobile exemptions under federal law limit the value of the vehicle that you may retain when you are in bankruptcy proceedings. If you own a vehicle with no liens on it, therefore, it must be valued at a amount that is at or below the automobile exemption as established by law. However, if you own a vehicle whose value is slightly above the exemption amount, you may be able to pay the U.S. Trustee the amount that exceeds the exemption amount, and still keep your vehicle.