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 Minnesota TotalBankruptcy.com 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.
» Read the complete Minnesota bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.