Minnesota State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Minnesota law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$200,000 homestead exemption ($500,000 if the homestead is used primarily
for agricultural purposes).
Wages
75 percent of gross earnings are exempt.
Automobiles
One motor vehicle not exceeding $2,000; or one motor vehicle not
exceeding $20,000 that has been modified, at a cost of not less than $1,500,
to accommodate a physical disability.
Other Property
Bible and musical instruments; pew and burial lot; all clothing and one watch;
utensils and food; and household appliances, phonographs, radio and television
receivers of the debtor and the debtor's family, not exceeding $4,500 in
value.
Note: Exemptions may have changed since our last update.
» Read the complete Minnesota bankruptcy
exemptions here
» Click Here to read the Federal bankruptcy
exemptions.
» Back to Bankruptcy Laws In Your State