Some types of retirement accounts are exempt assets for the purposes of bankruptcy proceedings. This means that debtors are able to retain eligible retirement accounts in the context of receiving a bankruptcy discharge, despite the amount and types of debts that are owed and becoming subject to discharge through the bankruptcy proceedings. Under federal law, a debtor's contributions to Employee Retirement Income Security Act (ERISA) retirement plans, deferred compensation plans, and certain types of annuities are all exempt assets. Exempt assets may not be liquidated by the bankruptcy trustee in Chapter 7 bankruptcy proceedings, and is not subject to attachment by creditors to satisfy a debt that is included in a debtor's bankruptcy filing. Exemptions such as those applicable to retirement plans are designed to allow a debtor to build a new life that is free from debt, while still retaining some assets for the debtor's future.