Minnesota Asset Protection In Bankruptcy

If you are thinking about filing for bankruptcy it is important to remember that you have a number of exemptions available to you. The first thing is that as long as you can keep making payments on your home, you will be allowed to keep your home. The only reason you would not be able to keep your home is if you exceed the homestead exemption. In Minnesota you are allowed to keep up to your retirement savings including IRA’s, 401k’s, and Pensions, the amount of the exemptions changes, so you need to contact an attorney to determine how much of your retirement you can protect.
If you file for bankruptcy the bankruptcy trustee will generally not be interested in your household goods or clothing, unless they contain collectibles or rare art work. In most cases used furniture does not have much value, unless it is considered an antique and a market is available to sell that furniture. Our office has not had many clients who have exceeded the household goods exemption under the federal or Minnesota exemptions available.
It is important to contact a bankruptcy lawyer to determine what property you can keep if you file for bankruptcy. The planning you do before filing for bankruptcy can help save you money after you file for bankruptcy, you have the right to maximize your available exemptions. In some cases you may be better off filing for chapter 13 bankruptcy to avoid having to liquidate non exempt assets, but our office can help you determine how best to protect your assets in the context of filing for bankruptcy.