Minnesota Bankruptcy Exemptions

In Minnesota our clients have the option of selecting two sets of bankruptcy exemptions. The first option is the Minnesota State Bankruptcy Exemptions, the second option is the Federal bankruptcy exemptions. The vast majority of our clients choose to use the federal exemptions, in many cases this will save the client money. The Minnesota state exemptions are primarily used when our clients have a lot of equity in their property. The use of these exemptions is complicated and an attorney should be consulted prior to filing for bankruptcy, to make sure you have done everything possible to protect your assets when filing for bankruptcy. The following is a complete list of the most common Minnesota Bankruptcy Exemptions:

Homestead $360,000.00, this means you can keep your home provided your equity does not exceed $360,000.00. If you are own a homestead used primarily for agricultural purposes the new exemptions is $900,000.00. The motor vehicle exemption is $4,400 in Minnesota per person. Wedding rings are $2,695 and household good are $9,900.00 per person. These exemptions are the most common ones we see when filing a state exemption case in Minnesota. If you find yourself in a position where you are attempting to file a bankruptcy using the Minnesota State exemptions you need to consult a bankruptcy attorney.
The other option you have when filing for bankruptcy in Minnesota is using the federal bankruptcy exemptions. The most important of these exemptions is the wildcard. Give our office a call to discuss which option is best for you.