are assets (property) you own (real and/or personal) which are partially or entirely exempt from the reach of the Trustee, ie., they cannot be sold for the benefit of the creditors. If you own your home, the Homestead Exemption (whether filed for or not) protects up to $50,000 worth of your equity in that home ($75,000 for a couple filing jointly ... $125,000 for debtors over 65 or over 55 and disabled). Most of your reasonably necessary household goods and personal items are exempt, as well as up to $1,900 or $2,400 worth of equity in automobiles, depending on the exemption scheme chosen. Funds held for retirement in ERISA qualified plans are exempt, etc. (This is an area in which it is important that you know what you're doing before you file your Petition, Schedules, and Statement of Financial Affairs.)