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Exemptions play an important role in both Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankrkuptcy, exemptions help determine which property you get to keep. In Chapter 13 bankruptcy, exemptions help determine how much you'll have to pay to your unsecured creditors, which can mean the difference between a confirmable plan and getting knocked out of Chapter 13.
Below you can learn how exemptions work, which exemption scheme you can use, and what property is exempt in your state.