State of Minnesota Economy:
Sixteen of the Fortune 500’s largest companies in the United States are headquartered in Minnesota. Notable companies 3M, Target, and United Health Corporation call the Gopher State home.
Minnesota Bankruptcy Court Locations:
200 Warren E. Burger Federal Building and United States Courthouse
316 North Robert Street
St. Paul, MN 55101
204 Edward J. Devitt United States Courthouse and Federal Building
118 South Mill Street
Fergus Falls, MN 56537
301 Diana E. Murphy United States Courthouse
300 South Fourth Street
Minneapolis, MN 55415
404 Gerald W. Heaney Federal Building and
United States Courthouse and Customhouse
515 West First Street
Duluth, MN 55802
Minnesota Bankruptcy Exemptions
Minnesota Homestead Exemption
You’ll be able to protect up to $420,000 of equity in your home and land or up to $1,050,000 of equity if your land is used for agricultural purposes (up to 160 acres). (These amounts will increase to $450,000 and $1,125,000 respectively on July 1, 2020.) Other protections include insurance proceeds for damage to your home or proceeds from the sale of your home for up to one year after the sale, up to the maximum amount of the homestead exemption (Minn. Stat. §§ 510.01, 510.02) and the full value of a manufactured home, if you live in it (Minn. Stat. § 550.37, subd. 12).
Minnesota Motor Vehicle Exemption
Up to $4,800 of equity in one motor vehicle is protected under Minnesota law. (This amount will increase to $5,000 on July 1, 2020.) If the motor vehicle has been modified at the cost of at least $3,600 ($3,750 as of July 1, 2020) to accommodate a disabled person, you can exempt up to $48,000 in the vehicle. (Minn. Stat. §550.37, subd. 12a.)
These are additional types of property you’ll be able to protect.
⦁ Employee benefits. Up to $72,000 ($75,000 as of July 1, 2020) of employee present or future payments under a stock, bonus, pension, profit-sharing, individual retirement account, Roth IRA, individual retirement annuity, simplified employee pension, or similar plan or contract on account of illness, disability, death, age, or length of service, plus any additional amount reasonably needed for the filer’s support (Minn. Stat. §550.37, subd. 24). (Learn how your retirement funds may also be protected under federal nonbankruptcy exemptions by reading ⦁ Your Retirement Plan in Bankruptcy.)
⦁ Personal property. Clothing, one watch, utensils, food, appliances, furniture, radio, and television up to $10,800 ($11,250 as of July 1, 2020); wedding rings up to $2,940 ($3,062.50 as of July 1, 2020); tools of your trade or business, farm implements, livestock, produce, or crops up to $11,500 ($12,500 as of July 1, 2020); farm machines up to $13,000; teachers’ books and equipment’; burial plot or church pew or seat. (Minn. Stat. §550.37 subds. 3-8)
⦁ Insurance benefits. Insurance proceeds from the death of a spouse or parent up to $46,000 ($50,000 as of July 1, 2020), plus an additional $12,000 ($12,500 as of July 1, 2020) for each dependent of the surviving spouse or child (Minn. Stat. § 550.37 subd. 10); insurance proceeds from loss of or damage to exempt property (Minn. Stat. § 550.37 subd. 9); personal injury or wrongful death recovery for injury to yourself or your relative (Minn. Stat. § 550.37 subd. 16); insurance policy up to $9,600 ($10,000 as of July 1, 2020) (Minn. Stat. § 550.37 subd. 23).
⦁ Assistance and benefits. 100% of public assistance benefits (Minn. Stat. § 550.37, subd. 14); unemployment benefits (Minn. Stat. § 268.192(2)); worker’s compensation benefits (Minn. Stat. § 176.175(2)); veteran’s benefits (Minn. Stat. § 550.38).
⦁ Wages. Up to 75% of your gross earnings, or 40 times the federal minimum hourly wage per week (whichever is greater). (Minn. Stat. § 550.37, subd. 13)
⦁ Tax-exempt retirement accounts. Including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined-benefit plans (11 U.S.C. § 522(b)(3)(C).) Learn more about ⦁ retirement accounts in bankruptcy.