Exemptions protect your assets in bankruptcy. When you file bankruptcy you have to list all of your assets, you then will also list an exemption to protect the asset from the bankruptcy estate, if one is available to you. In Minnesota you can pick between federal and state exemptions, this is not the case for every state though. Your attorney will help you go through your assets and which exemptions to apply. 

Bankruptcy is intended to provide an individual with a fresh start, but there are expectations for the debtor. It starts with disclosure. The premise for any bankruptcy is honesty, and disclosure so if a debtor is unwilling or unable to provide the court with the appropriate documents or testimony, then that individual is not a good candidate for filing a bankruptcy.