Bankruptcy Laws In Minnesota

If you are filing for bankruptcy the rules are governed by the Federal Bankruptcy Laws. State laws may affect your bankruptcy filing for several reasons, the main reason being if you need to use the Minnesota exemptions. The primary reason or using the Minnesota exemptions are if you have equity in your homestead. The Minnesota homestead exemption currently allows you to use up to $360,000 to protect your home. You can also exempt retirement accounts for up to 1 million, using the federal exemptions. For most of our clients they will file using the federal bankruptcy exemptions.
I get asked on occasion is bankruptcy the right choice for me? The best answer is I do not know until I sit down and meet with the potential client to discuss all of the potential options. It is important to meet with you bankruptcy attorney to make sure that he or she understands your situation and can give you good advice. Bankruptcy law has a lot of traps that can cost clients money, so it is important to talk to your bankruptcy lawyer before making any repayments to friends or relatives.