What property is exempt?

Exactly what property is protected depends on the exemption scheme chosen. In many states, including Massachusetts, you can either exempt the property listed in 11 U.S.C. sec. 522(d) or exempt any "property that is exempt under [other] Federal law...or State or local law that is applicable..." In other states, you can only choose the "other Federal and State law exemption scheme." These states have "opted out" of the bankruptcy exemption scheme.

Determining what property is exempt requires a complete understanding of the laws governing residency within states and the exemption laws of the relevant state.