Minnesota Bankruptcy Laws

Homestead

House and land possessed by the debtor as principal place of residence. Including any proceeds to sale for 1 year up to the extent of $ 200,000 or up to $ 500,000 if used in farming with land up to 160 acre if it is in outside of city area and 1/2 acre if in any city.

Household Goods

Furniture, television, radio, utensils and foodstuffs worth $ 8,550.

Other Goods

Wearing Apparels, One watch and food.

Marital Memento

Nuptial keepsakes like wedding ring are to be exempted up to the extent of $ 1,225.

Farm Implements

Farm appliances and instruments, standing crops and other agro process expenses up to the extent of $ 13,000.

Professional Books and Implements

Books and tools required for continuing profession can get exemption up to $ 9,500.

Life Insurance Benefit

Life Insurance benefit of up to $ 34,000 plus $ 9,500 for each dependent of surviving spouse & brood.

Unmatured Life Insurance

The sum total of benefits arising from any unmatured life insurance contract can be exempted up to $ 7,600.

Total or Absolute Exemptions for

Note Some of the exemption varies as per the Implicit Price Deflator for the Gross National Product. So it is advised to consult your attorney to get the perfect amount of exemption which is prevalent in a given point of time.