What are exempt assets in a bankruptcy proceeding?

Exempt assets in a bankruptcy proceeding are those assets that you're allowed to keep when you file bankruptcy. In Florida, there is a statute that covers exemptions and generally, your homestead is protected completely. Personal property, on the other hand, is limited as well as vehicles. Retirement accounts are also exempt and for the most part life insurance and federal benefits such as social security and social security disability are also protected as well.