What Are the Minnesota Bankruptcy Exemptions?

Bankruptcy is a difficult process for individuals and families to navigate, but the law provides protections for those who are struggling with debt. In Minnesota, there are specific assets that are exempt from bankruptcy proceedings. Knowing what these exemptions are can be an important part of deciding whether filing for bankruptcy is the right choice.

Under Minnesota law, certain assets including homestead equity up to $390,000, motor vehicles up to $4,600 in value, household goods up to $13,400 in value and retirement accounts such as 401(k)s or IRAs may not be seized during a bankruptcy proceeding. Personal injury awards and workers’ compensation benefits received by the debtor may also be exempt from being used to satisfy creditors’ claims.

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