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following exemptions are made available for historical reference
Minnesota Personal Property Exemptions: The Property Creditors Can Not Touch!!!
In a U.S. federal bankruptcy case, your bankruptcy lawyers can use Minnesota state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Minnesota bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The Minnesota bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the Minnesota bankruptcy exemptions below are not an exhaustive list, therefore you should contact the Minnesota bankruptcy lawyers at Legal Helpers to determine the other types of property that you own which may be exempt.
Homestead Minnesota Bankruptcy Exemptions
These Minnesota bankruptcy exemptions can be used to protect up to $200,000 in equity in your house and $500,000 in equity in your land if used for farming. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.
Motor Vehicle Minnesota Bankruptcy Exemptions
Your Minnesota bankruptcy lawyers can use this exemption to protect $3,400 in value of any one motor vehicle listed in your bankruptcy. Additionally, if your vehicle has been modified for a disabled person then you may protect up to $34,000 in its value.
Clothing, Textbooks, Bible, Family Pictures Minnesota Bankruptcy Exemption
These Minnesota bankruptcy exemptions allow your lawyers to protect 100% of your interest in various personal items such as your clothing and personal heirlooms.
Life Insurance Proceeds Minnesota Bankruptcy Exemptions
Under these Minnesota bankruptcy exemptions a lawyer can protect $34,000 in life insurance proceeds plus $8,500 for each dependent or surviving wife or child.
Qualified Retirement Plan Minnesota Bankruptcy Exemptions
Your lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as they determine that your savings are in a qualified retirement plan.
Tools of the Trade, Professional Books Minnesota Bankruptcy Exemptions
These are useful Minnesota bankruptcy exemptions that are used to protect up to $8,500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.
Unemployment Compensation Benefits Minnesota Bankruptcy Exemption
Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.
Worker's Compensation Minnesota Bankruptcy Exemptions
These Minnesota bankruptcy exemptions can be used to protect 100% of compensation you receive under Minnesota workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Minnesota, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.
Learn more about Missouri bankruptcy exemptions.
