Bankruptcy exemptions refer to certain types of property or amounts of assets that debtors are entitled to keep, despite the existence of bankruptcy proceedings. While certain exemptions are governed by federal law, and thus remain consistent from state to state, other exemptions do vary widely according to state law, so it is important to become familiar with the laws of your state before assuming that a particular asset will be exempt should you file for bankruptcy. For instance, debtors typically are allowed to retain assets whose value is under a certain level, as well as personal property items such as furniture and clothing. A debtor is always allowed to keep property that falls under applicable federal and state bankruptcy exemptions, no matter the amount of debts owed, or the types of debts owed.