Minnesota Bankruptcy Laws

• Filing Bankruptcy in Minnesota

If you are live in Minnesota and are considering filing bankruptcy a Minnesota bankruptcy attorney will review all of your options.

Determine, with the help of a Minnesota bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is the right path for you.

For a meeting with a local Minnesota bankruptcy attorney simply fill out the form on this page.

Bankruptcy Law and Minnesota Exemptions

In your initial consultation with your Minnesota bankruptcy attorney you will cover all of the primary differences from Chapter 7 and Chapter 13 bankruptcy.

During this appointment your Minnesota bankruptcy attorney will ask you many personal finance questions or provide you with a profile sheet to list certain financial details. The answers you list should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is the correct route to take.

Chapter 7 bankruptcy is referred to as liquidation as the bankruptcy trustee may choose to sell or auction non-exempted property (see State Exemptions list below).

However, in most of Chapter 7 bankruptcy cases, the individual filing bankruptcy owns no non-exempt property, so this would not apply to the majority of filings. If you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice, as you would be allowed to discharge most of your unsecured debt.

Prior to filing Chapter 7 bankruptcy please deliberate about your situation with a Minnesota bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

Minnesota State Exemptions

Homestead

Up to 160 acres of property valued at up to $300,000. Value may be up to $750,000 if homestead is primarily used for agriculture.

Wages

Up to 75 percent of gross earnings.

Automobiles

Up to $2,775 for one vehicle

Personal Property

1. 100 percent of clothing, utensils, food, bible, musical instruments, church pew, burial lot and one watch.
2. Up to $1,225 for wedding rings.
3. Up to $4,500 for household appliances, phonographs, radios and televisions.
4. Up to $5,000 for tools of the trade.

Chapter 13 Bankruptcy is also considered “reorganization”. Persons filing Chapter 13 may own more property thus by filing Chapter 13 may also retain most of their possessions.

With Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This plan allows the individual to repay outstanding bills.

Speak With a Minnesota Bankruptcy Attorney Today

If you have contemplated filing bankruptcy in Minnesota you may be unsure of where to begin or feel tied down by the complexities of the bankruptcy laws.

To put all questions about the bankruptcy laws to rest, a Minnesota bankruptcy attorney will be able to guide you through the bankruptcy process in common terms. When you contact a Minnesota bankruptcy attorney you will also be able to have many of your questions and concerns answered in the first consultation.

Take the aggravation out of finding a good Minnesota bankruptcy attorney. Just complete our bankruptcy questionnaire on this page and we will direct you to a Minnesota bankruptcy attorney in your area.

Note:This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

Minnesota Bankruptcy Attorneys are in these locations:

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