Minnesota Bankruptcy Exemptions
Homestead
510.01 & 510.02 & 550.37 - A home and the land it is situated on up to
$200,000 ($500,000 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 $3,800 ($38,000 if modified for disability);
clothing, food, utensils, and watches; furniture, appliances, radio, TV,
jewelry and phonographs, up to $8,550 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 $1,225.
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.
571.55 - 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
$57,000 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 $9,500 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
$38,000 plus additional $9,500 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 $7,600; police, fire, or
beneficiary association benefits.
550.39 - Accident or disability proceeds.
Miscellaneous
550.37 - Earnings of a minor child.