If you intend to file bankruptcy in the near future, you should strongly consider engaging in pre-bankruptcy planning, which will permit you to potentially maximize the exemptions available to you under federal and state bankruptcy laws. Some assets are exempt from the bankruptcy process, which means that the assets cannot be forfeited and liquidated by the U.S. Bankruptcy Trustee in order to pay off your debts. Common types of exempt assets include most items of personal property, a certain amount of equity in your primary residence, and vehicles whose value falls beneath certain limits. In contrast, non-exempt assets are eligible for the U.S. Bankruptcy Trustee to liquidate and apply the proceeds toward your debts, such as vacation homes, antiques, and pieces of expensive jewelry. When you undergo pre-bankruptcy planning, then, you may be able to convert non-exempt assets into exempt assets in order to protect them from the bankruptcy process.