Minnesota Bankruptcy Exemptions

The chart below contains a summary of Minnesota state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Minnesota bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions

Personal exemptions allowed by Minnesota Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

Note: Section 550.37(4)(a) requires certain exemptions to be adjusted for inflation on July 1 of even-numbered years. This chart includes changes made through July 1, 2010. Exemptions are published on or before the May 1 issue of the Minnesota State Register. View current exemption amounts here as Minnesota statutes may not reflect the current changes.

ASSETEXEMPTIONLAW
Minnesota HomesteadHome and land where situated to $360,000. If homestead is used for agricultural purposes, to $900,000. Property cannot exceed one-half acre in city, 160 acres elsewhere. Husband and wife may not double. (Manufactured home to an unlimited amount)510.01; 510.02; 550.37 subd. 12
WagesMinimum 75% of weekly disposable earnings or 40 times Federal minimum hourly wage (whichever is greater).571.922
AutomobileUp to $4,400 (to $44,000 if modified for disability)550.37 subd. 12(a)
Other propertyAccident or disability proceeds550.39
Earnings of minor child550.37 subd. 15
Appliances, furniture, jewelry, radio, phonographs, and TV to $9,900 total550.37 subd. 4(g)
Clothing, one watch, food, and utensils for family550.37 subd. 4(a)
Burial plot; church pew or seat550.37 subd. 3
Farm machines, implements, livestock, produce, and crops550.37 subd. 5
WildcardNone

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Minnesota bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Minnesota bankruptcy exemptions laws.
Go to Federal Bankruptcy Exemptions

Minnesota Bankruptcy Court links :

*The use of partners trademarks are not intended to imply endorsement of these products.

Ready to Start? Call us at 1(888)214-7773