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Minnesota Bankruptcy ExemptionsHomestead 510.01 & 510.02 & 550.37 - A home and the land it is situated on up to $300,000 ($750,000 if used primarily for agriculture), but can not exceed 1/2 acre in a city or 160 acres elsewhere. Manufactured homes up to an unlimited value. Personal Property 550.37 - Motor vehicle up to $4,000 ($40,000 if modified for disability); clothing, food, utensils, and watches; furniture, appliances, radio, TV, jewelry and phonographs, up to $9,000 total; books; burial plot; church pew or seat; proceeds for damaged or destroyed exempt property; personal injury lost earnings, and wrongful death recoveries; wedding rings up to $2,250. Wages 550.37 - Wages deposited into bank accounts for 20 days after deposit; earned wages paid within 6 months of returning to work if you previously received welfare or were incarcerated (this includes earnings deposited in a financial institution in the last 60 days). 571.922 - The greater of following: 40 times the federal minimum hourly wage or minimum of 75% of weekly disposable wages. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. 550.37 - ERISA-qualified benefits, including IRAs, needed for support, up to $60,000 present value. 353.15 - Public employees. 352.96 - State employees. 352B.071 - State troopers. Public Benefits 176.175 - Workers' compensation. 268.192 - Unemployment compensation. 550.37 - Public assistance. 550.38 - Veterans' benefits. 611A.60 - Crime victims' compensation. Tools of Trade 550.37 - Tools, library, furniture, machines, instruments, implements and stock in trade up to $10,000 total; Farm machines, implements, livestock, produce and crops of farmers. ($13,000 limit) Teaching materials of a university, college, public school or public institution teacher of unlimited value and not subject to $13,000 limit. Insurance 64B.18 - Fraternal benefit society benefits. 550.37 - Life insurance proceeds if beneficiary is spouse or child, up to $40,000 plus additional $10,000 per dependent; unmatured life insurance contract dividends, interest, loan, cash, or surrender value if insured is the debtor or someone the debtor depends upon up to $8,000; police, fire, or beneficiary association benefits. 550.39 - Accident or disability proceeds. Miscellaneous 550.37 - Earnings of a minor child. Other - Add any applicable Federal Nonbankruptcy Exemptions
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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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