Minnesota Bankruptcy Exemptions

On this page you can find all of the exemptions for Minnesota. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Homestead, consisting of house and land occupied by debtor as dwelling place (title maybe in either spouse; includes equitable interests in land and proceeds of sale of exempt homestead for 1 year)
$390,000 generally $975,000 if used in farming (May not exceed 160 acres)
Minn. Stat. §§ 510.01, 510.02
Motor Vehicle
One motor vehicle
$4,600 $46,000 if modified for disabled person
Minn. Stat. § 550.37 subd. 12a.
Wages / Wage Garnishment
Disposable earnings (earnings after deductions required by law)
75% or 40 times federal minimum hourly wage per week, whichever is greater
Minn. Stat. § 571.921, 922, 550.37(13)
Insurance
Life insurance or endowment proceeds, dividends, interest, loan, cash or surrender value if insured is not the beneficiary
100%
Minn. Stat. § 61A.04, 61A.12
Insurance
Fraternal Benefit Society benefits
100%
Minn. Stat. § 64B.18
Insurance
Accident or disability insurance benefits
100%
Minn. Stat. § 550.39
Insurance
Debtor's aggregate interest in dividends, interest, or loan value of unmatured life insurance contract owned by debtor or individual of whom debtor is a dependent
$9,200
Minn. Stat. § 550.37 subd.23
Insurance
Benefits payable by police, fire, beneficiary, or fraternal benefit association
100%
Minn. Stat. § 550.37 subd. 11
Insurance
Benefits payable to surviving wife or child from insurance on life of deceased husband or father
$46,000 plus $11,500 for each dependent of surviving wife or child
Minn. Stat. § 550.37 subd.10
Personal Property
Family Bible, library, and musical instruments
100% (but see In re Hilary, 76 BR 683)
Minn. Stat. § 550.37 subd. 2
Personal Property
Private cemetery property
100 acres (300 if owned by church)
Minn. Stat. § 307.09(1)
Personal Property
Personal injury claims of debtor or relative
100%
Minn. Stat. § 550.37 subd.22
Personal Property
Damages for wrongful levy or execution
100%
Minn. Stat. § 550.37 subd. 16
Personal Property
All money arising from any claim on account of destruction of or damage to exempt property
100%
Minn. Stat. § 550.37 subd. 9
Personal Property
Wedding rings and other marital symbols
$2,817.50
Minn. Stat. § 550.37 subd. 4(c)
Personal Property
Household furniture, utensils, appliances, phonographs, radio and television receivers, foodstuffs of debtor and family
$10,350
Minn. Stat. § 550.37 subd. 4(b)
Personal Property
All wearing apparel, 1 watch, and food
100%
Minn. Stat. § 550.37 subd. 4(a)
Personal Property
Seat or pew in place of worship and lot in burying ground
100%
Minn. Stat. § 550.37 subd. 3
Pensions / Retirement Accounts
Judges' retirement benefits
100%
Minn. Stat. § 490.126
Pensions / Retirement Accounts
Highway patrolmen retirement benefits
100%
Minn. Stat. § 352B.071
Pensions / Retirement Accounts
Prisoner’s earnings held by state
100%
Minn. Stat. § 241.26(6)
Pensions / Retirement Accounts
State Retirement Act benefits
100%*
Minn. Stat. §§ 352.15 & 356.401
Pensions / Retirement Accounts
Public Employees' Retirement Assoc. benefits
100%*
Minn. Stat. §§ 353.15 & 356.401
Pensions / Retirement Accounts
Teacher's Retirement Fund Assoc. benefits
100%*
Minn. Stat. §§ 354A.11 & 356.401
Pensions / Retirement Accounts
Police & Firemen's pension benefits
100%*
Minn. Stat. § 423A.16
Pensions / Retirement Accounts
Debtor's right to receive payments under stock bonus, profit sharing, annuity, individual retirement account or annuity, Roth IRA, simplified employee pension, or similar plan or contract on account of illness, disability, death, age or length of service
100% of amounts exempt under ERISA or $69,000 present value plus amounts reasonably necessary for support of debtor or dependent. (support claims excepted)
Minn. Stat. § 550.37 subd. 24
Tools of the Trade
Library and other equipment used in teaching at public university
100%
Minn. Stat. §550.37(8)
Tools of the Trade
Equipment of National Guard member
100%
Minn. Stat. § 192.25
Tools of the Trade
Official seal and register of notary public
100%
Minn. Stat. § 359.03
Tools of the Trade
Tools, implements, machines, instruments, office furniture, stock in trade, and library, used in trade, business or profession
$11,500
Minn. Stat. § 550.37 subd. 6 & 7
Tools of the Trade
Farm machines and implements of farmer used in farming, livestock, farm produce, standing crops
$13,000 (Certain family members may claim family partnership assets as personal assets)
Minn. Stat. § 550.37 subd. 5
Public Benefits
Unemployment compensation benefits
100%
Minn. Stat. § 268.192
Public Benefits
Veteran's pension benefits
100%
Minn. Stat. § 550.38
Public Benefits
Public assistance
100% (exemption lasts for 60 days after deposit in bank account)
Minn. Stat. § 550.37 subd. 14
Public Benefits
Crime victims payments
100%
Minn. Stat. § 611A.60
Public Benefits
Workers' compensation benefits
100%
Minn. Stat. § 176.175
Miscellaneous
Specific partnership property
100% of partner's interest
Minn. Stat. §§ 323A.0203 & 323A.0307
Miscellaneous
Cash bail posted in court
100%
Minn. Stat. § 629.53
Miscellaneous
Proceeds of payments received by debtor for contributions made to real estate improvements
100%
Minn. Stat. § 550.37 subd. 25
Miscellaneous
Earnings of minor child of debtor and child support paid to debtor
100%
Minn. Stat. § 550.37 subd. 15
Miscellaneous
Mobile home used as home
100%
Minn. Stat. § 550.37 subd. 12

If you want to learn more about filing bankruptcy in Minnesota please visit our FAQ Page or for more information about Minnesota you can visit the Minnesota section.