Minnesota Bankruptcy Exemptions

This list of exemptions updated December 2009. All law references are to Minnesota Statutes Annotated unless otherwise noted. Federal Bankruptcy Exemptions are allowed in Minnesota.

Homestead

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 $4,200 ($42,000 if modified for disability); clothing, food, utensils, and watches; furniture, appliances, radio, TV, jewelry and phonographs, up to $9,300 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 $2,572.50.

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 $63,000 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 $15,000 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 $42,000 plus additional $10,500 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 $8,400; 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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