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.
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Exemptions
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Exemption Amount
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Statutes
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| 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 |
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Unemployment compensation |
268.17 subd. 2 |
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Veterans’ benefits |
550.38 |
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Workers’ compensation |
176.175 |
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Teaching materials (including books, chemical apparatus) of public school teacher |
550.37 subd. 8 |
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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 |
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Burial plot; church pew or seat |
550.37 subd. 3 |
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Clothing (includes watch), food & utensils |
550.37 subd. 4(a) |
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Motor vehicle to $3200 (up to $32,000 if vehicle has been modified for disability) |
550.37 subd. 12(a) |
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Personal injury recoveries |
550.37 subd. 22 |
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Proceeds for damaged exempt property |
550.37 subds. 9, 16 |
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Wrongful death recoveries |
550.37 subd. 22 |