Minnesota Bankruptcy Exemption List

Federal and State Exemptions Allowed

In the state of Minnesota you can choose either the federal bankruptcy exemption list or the state Minnesota Bankruptcy exemptions. There may be certain federal supplemental exemptions you can use if you choose the Minnesota Bankruptcy exemptions. All exemptions should be discussed with your Minnesota Bankruptcy Attorney.

Minnesota has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Minnesota. There may be certain residency requirements to use the State of Minnesota Bankruptcy Exemption List.

The following table will outline the Minnesota Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption.  § 550.37(4)(a) requires that certain exemptions may be updated or adjusted for inflation beginning on July 1 or all even-numbered years. It is important to talk your Minnesota Bankruptcy Attorney for more information for exemptions.

Exemptions Exemption Amount Statutes
Homestead Real property, mobile home or manufactured home to $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000; cannot exceed ½ acre in city or 160 acres elsewhere

510.01, 510.02,

550.37 subd. 12

Miscellaneous Earnings of minor child 550.37 subd. 15
  Property of business partnership 323.24
Pension

ERISA-qualified benefits needed for support, which do not exceed $48,000 in present value

IRAs needed for support, which do not exceed $48,000 in present value

Private retirement benefits (only benefits building up)

Public employees

State employees

State troopers

550.37 subd. 24

550. 37 subd. 24

181B.16

353.15

352.96

352B.071
Wages Earned but unpaid wages, paid within six months of returning to work if debtor received welfare in the past 550.37 subd. 5
  Minimum 75% of earned but unpaid wages 571.922
  Wages deposited into bank accounts for twenty days after depositing 550.37 subd. 13
  Wages of released inmates paid within six months of release 550.37 subd. 14
  All Earnings not subject to garnishment restrictions 550.37 subd. 13
Public benefits AFDC, supplemental assistance, general assistance, Supplemental Security Income/SSA 550.37 subd. 14
  Crime victims compensation 611A.60
  Unemployment compensation 268.17 subd. 2
  Veterans’ benefits 550.38
  Workers’ compensation 176.175
  Teaching materials (including books, chemical apparatus) of public school teacher 550.37 subd. 8
  Tools implements, machines, instruments, furniture, stock in trade and library to $8000 total 550.37 subd. 6

Tools of the trade

total tools of trade with the exception of  teaching materials can not be more than  $13000
Farm machines, implements, livestock, farm produce and crops of farmers to $13,000 total 550.37 subd. 5
Personal property Appliances, furniture, radio, phonographs and TV to $7200 value 550.37 subd. (4)(b)
  Bible, books and musical instruments 550.37 subd. 2
  Burial plot; church pew or seat 550.37 subd. 3
  Clothing (includes watch), food & utensils 550.37 subd. 4(a)
  Motor vehicle to $3200 (up to $32,000 if vehicle has been modified for disability) 550.37 subd. 12(a)
  Personal injury recoveries 550.37 subd. 22
  Proceeds for damaged exempt property 550.37 subds. 9, 16
  Wrongful death recoveries 550.37 subd. 22
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