As per the Minnesota bankruptcy laws, you have the option to use federal supplemental exemptions along with the state specific exemptions. What is more, Minnesota is among those few states, where you can also choose to go for federal exemption set instead of your state exemptions. The Minnesota bankruptcy district courts are located in four places, including Duluth, Fergus Falls, Minneapolis, and St. Paul. However, the counties of jurisdiction include all the places of the state.
Property Exemption Under Minnesota Bankruptcy Laws
The various types of properties can be exempted as per the following are the specific ways mentioned under the Minnesota bankruptcy laws.
•Homestead exemptions include everything from real property and mobile property to manufactured property. The maximum amount exemptible in this regard is 200000 dollars. However, if you are using the homestead properties mainly for agricultural purpose, the maximum amount exemptible will be 500000 dollars.
•It is also important for you to keep in mind that the Minnesota bankruptcy laws have also put certain restrictions in terms of area of the exemptible homestead properties. The areas must not exceed one acre in city or town and 160 acres in other places.
•Life insurance proceeds are exemptible if you are the beneficiary. The maximum exemptible amount is thirty-two thousand dollars.
•Unmatured life insurance contract dividends, interest or loans have also been included in the insurance exemptions under the Minnesota bankruptcy laws, but only up to the amount of 6400 dollars.
•Earnings of minor child have specifically been added under the miscellaneous exemptions as per the Minnesota bankruptcy laws.
•Pension funds are allowed to be exempted for the following people.
◦Public employees
◦State troopers
◦State employees
•Exemptible pension funds include Private retirement benefits, IRAs and ERISA-qualified benefits up to 48,000 dollars.
•You can also exempt personal properties like Appliances, furniture, radio, phonographs and TV, but the value must not exceed 7200 dollars in total.