Minnesota allows the use of federal exemptions. Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy.Most states have created exemption schemes for bankruptcy. You should read your state law to see what exemptions are available. You can find your state law by searching the Internet.In a bankruptcy proceeding, exemptions refer to property of the debtor which is beyond reach of The Bankruptcy Code allows each individual who files bankruptcy to keep basic assets which are.