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.
|Minnesota Homestead||Home 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|
|Wages||Minimum 75% of weekly disposable earnings or 40 times Federal minimum hourly wage (whichever is greater).||571.922|
|Automobile||Up to $4,400 (to $44,000 if modified for disability)||550.37 subd. 12(a)|
|Other property||Accident or disability proceeds||550.39|
|Earnings of minor child||550.37 subd. 15|
|Appliances, furniture, jewelry, radio, phonographs, and TV to $9,900 total||550.37 subd. 4(g)|
|Clothing, one watch, food, and utensils for family||550.37 subd. 4(a)|
|Burial plot; church pew or seat||550.37 subd. 3|
|Farm machines, implements, livestock, produce, and crops||550.37 subd. 5|
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.