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Minnesota Bankruptcy Exemptions

Federal or State Exemptions are Allowed

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Homestead ($750,000 if agricultural)

$300,000

 

Some of the personal property which may be exempt from seizure or sale may include:

  • the debtor's family Bible, library, and musical instruments,

  • a seat or pew in any house or place of public worship,

  • a lot in any burial ground,

  • wearing apparel,

  • one watch,

 

Household furniture

$8,550

Life insurance, unmatured

$7,600

Farm machines and implements used in farming operations by a debtor engaged principally in farming, livestock, farm produce, and standing crops

$13,000

Tools of trade (This and the previous exemption cannot exceed $13,000)

$10,000

Motor vehicle (If modified for the disabled, $40,000)

$4,000

Employee benefits

$57,000

Retirement plans

$57,000

 

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


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