To find out the current amounts for the federal bankruptcy exemptions, see Federal Bankruptcy Exemptions. How Bankruptcy Exemptions Work. If you own property worth a certain amount, and the property equity is equal to or less than the exemption amount available in your state, you get to keep the property in Chapter 7, and don’t need to pay Author: Cara O'neill, Attorney. In bankruptcy, you’ll protect property you need to work and live with bankruptcy exemptions. Nonexempt property—usually luxury items—is either lost in Chapter 7 or kept and paid for through the Chapter 13 repayment plan. Mar 19, · Texas Chapter 7 Bankruptcy Exemptions. In fact, most Texans who file a Chapter 7 Bankruptcy get to keep everything they own. Chapter 13 Exemptions. The Chapter 13 filers in most cases do not have to worry about paying for non-exempt property. You have the choice of using the federal exemption statutes instead of the Texas exemptions.