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Minnesota State Bankruptcy Exemptions |
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Minnesota State Bankruptcy Exemptions |
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FEDERAL
BANKRUPTCY EXEMPTIONS ARE AVAILABLE. All law references are to Minnesota Statutes Annotated. NOTE: § 550.37(4)(a) requires that certain exemptions be adjusted for inflation on July 1 of even-numbered years. The below exemptions include changes through 7/1/94. For additional information, contact the Minnesota Department of Commerce at (612) 296-2297. |
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| ASSET | EXEMPTION | LAW PROVISION |
| 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
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| Insurance |
Accident
or disability proceeds Fraternal benefit society benefits Life insurance proceeds if beneficiary is spouse or child of insured to $32,000, plus $8000 per dependent Police, fire or beneficiary association benefits Unmatured life insurance contract dividends, interest or loan value to $6400 if insured is debtor or someone debtor depends on |
550.39 64B.18 550.37 subd. 10 550.37 subd. 11 550.37 subd. 23 |
| Miscellaneous |
Earnings
of minor child Property of business partnership |
550.37
subd. 15 323.24 |
| 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 |
| Personal property |
Appliances, furniture, radio, phonographs & TV to $7200
value Bible, books & musical instruments Burial plot; church pew or seat Clothing (includes watch), food & utensils Motor vehicle to $3200 (up to $32,000 if vehicle has been modified for disability) Personal injury recoveries Proceeds for damaged exempt property Wrongful death recoveries |
550.37
subd. (4)(b) 550.37 subd. 2 550.37 subd. 3 550.37 subd. 4(a) 550.37 subd. 12(a) 550.37 subd. 22 550.37 subds. 9, 16 550.37 subd. 22 |
| Public benefits |
AFDC,
supplemental assistance, general assistance, SSI/SSA Crime victims compensation Unemployment compensation Veterans’ benefits Workers’ compensation |
550.37
subd. 14 611A.60 268.17 subd. 2 550.38 176.175 |
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Tools of
trade total tools of trade (except teaching materials) can’t exceed $13000 |
Farm
machines, implements, livestock, farm produce & crops of
farmers to $13,000 total Teaching materials (including books, chemical apparatus) of public school teacher Tools implements, machines, instruments, furniture, stock in trade & library to $8000 total |
550.37
subd. 5 550.37 subd. 8 550.37 subd. 6 |
| Wages |
Earned
but unpaid wages, paid within 6 months of returning to
work if debtor received welfare in the past Minimum 75% of earned but unpaid wages Wages deposited into bank accounts for 20 days after depositing Wages of released inmates paid within 6 months of release |
550.37
subd. 5 571.922 550.37 subd. 13 550.37 subd.14 |
| WILD CARD | NONE | |
Thursday January 12, 2006