Texas allows the use of federal exemptions or Texas exemptions. You must choose wisely. a bankruptcy attorney should be able to use the correct exemptions when you file bankruptcy. Exemptions are property you can exempt, or keep, from being taken when you file bankruptcy. You should choose wisely, but also know that the vast majority of people do not lose property when they file bankruptcy because they or their attorneys understand which exemptions to use and how to use them. In addition to the statutes that provide the exemptions, there is an abundance of case law as well that should be understood regarding exemptions.