Minnesota, MN Bankruptcy Exemptions

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The Essential Minnesota Bankruptcy Information Guide

Minnesota, MN Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE
All law references are to Minnesota, MN Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Minnesota Bankruptcy Exemptions

All law references are to Minnesota Bankruptcy Code.

§ 550.37(4)(a) requires that certain exemptions be adjusted for inflation on July 1 of even-numbered years. The below exemptions include changes through 7/1/94. For additional information, contact the Minnesota Department of Commerce.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
Homestead	A home and the land it is situated on up to $200,000 ($500,000 if used primarily for agriculture), but can not exceed 1/2 acre in a city or 160 acres elsewhere. Manufactured homes up to an unlimited value.	510.01, 510.02, 550.37 subd. 12
Insurance	Accident or disability proceeds	550.39
	Fraternal benefit society benefits	64B.18
	Life insurance proceeds if beneficiary is spouse or child, up to $38,000 plus additional $9,500 per dependent	550.37 subd. 10
	Police, fire or beneficiary association benefits	550.37 subd. 11
	Unmatured life insurance contract dividends, interest, loan, cash, or surrender value if insured is the debtor or someone the debtor depends upon up to $7,600	550.37 subd. 23
Miscellaneous	Earnings of minor child	550.37 subd. 15
Pension	ERISA-qualified benefits, including IRAs, needed for support, up to $57,000 present value	550.37
	Public employees	353.15
	State employees	352.96
	State troopers	352B.071
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
Personal property	Furniture, appliances, radio, TV, jewelry and phonographs, up to $8,550 total	550.37
	Books	550.37
	Burial plot; church pew or seat	550.37 subd. 3
	Clothing (includes watch), food & utensils	550.37 subd. 4(a)
	Motor vehicle to $3,800 (up to $38,000 if vehicle has been modified for disability)	550.37
	Personal injury lost earnings	550.37
	Proceeds for damaged exempt property	550.37 subds. 9, 16
	Wrongful death recoveries	550.37 subd. 22
	Wedding rings up to $1,225	550.37
Public benefits	AFDC, supplemental assistance, general assistance, SSI/SSA	550.37 subd. 14
	Crime victims compensation	611A.60
	Unemployment compensation	268.192
	Veterans’ benefits	550.38
	Workers’ compensation	176.175
Tools of trade total tools of trade (except teaching materials) can’t exceed $13000	Farm machines, implements, livestock, farm produce & crops of farmers to $13,000 total	550.37 subd. 5
	Teaching materials of a university, college, public school or public institution teacher of unlimited value and not subject to $13,000 limit	550.37
	Tool, library, furniture, machines, instruments, implementsn and stock in trade & library to $9,500 total	550.37 subd. 6
Wages	Earned but unpaid wages, paid within 6 months of returning to work if debtor received welfare in the past	550.37 subd. 5
	The greater of following: 40 times the federal minimum hourly wage or minimum of 75% of weekly disposable wages.	571.55
	Wages deposited into bank accounts for 20 days after depositing	550.37 subd. 13
	Wages of released inmates paid within 6 months of release	550.37 subd. 14
WILD CARD	NONE

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