So what are exemption laws and how do they affect you? Exemption laws are laws that allow you to keep property that you own after you have filed your bankruptcy petition. In Kansas you are entitled to numerous exemptions some of which are your home, your automobile, tools of the trade, 401 k, IRA and other retirement accounts, household goods and items and many others. Kansas is one of the top five states to file bankruptcy because we have such generous exemption laws. Please contact my office so we can discuss how you may preserve and obtain ownership of the items you currently own.