Bankruptcy exemptions are rules that exempt certain types and amounts of property from being sold or used to satisfy the claims of debtors in your bankruptcy case. Each state has a set of bankruptcy exemptions that you can use to protect your property while going through bankruptcy.

Federal law also provides a set of bankruptcy exemptions. Your state’s law will determine whether you can choose the federal bankruptcy exemptions, or if you must use your state’s bankruptcy exemptions. But if your state’s law allows you to choose between the two sets of bankruptcy exemptions, you must choose one or the other, and cannot choose exemptions from both your state and the federal exemptions.

In New Hampshire (NH), bankruptcy exemptions play a crucial role in protecting certain assets of individuals filing for bankruptcy. These exemptions determine what property and assets are shielded from creditors during the bankruptcy process. New Hampshire allows debtors to choose between the state's bankruptcy exemptions and the federal bankruptcy exemptions, but they cannot mix and match between the two systems. Once a choice is made, the debtor must apply the exemptions from that particular system exclusively. The state exemptions in New Hampshire cover a variety of assets, including homestead, personal property, wages, pensions, public benefits, tools of the trade, and insurance, among others. The specific amounts and types of property that can be exempted are detailed in New Hampshire's state statutes. Debtors should consult with an attorney to understand which set of exemptions would be more beneficial for their particular situation and to ensure they are correctly applying the exemptions to protect their assets during bankruptcy.