Minnesota is a dual-choice state, meaning you can choose either **Minnesota**-specific exemptions or the **federal** set when filing bankruptcy. Below is a list of **Minnesota** exemptions, with references to the **Minnesota Statutes**. Some exemptions adjust for inflation on July 1 of **even-numbered** years (as noted in Minn. Stat. § 550.37, subd. 4(a)). Always confirm the latest amounts with a **Minnesota bankruptcy attorney** or the official code.
Note: Values below reflect changes through 7/1/1994. For the most recent inflation-adjusted figures, consult the Minnesota Department of Commerce or updated Minnesota Statutes.
| Asset / Type of Property | Exemption Description | Statute / Code | Notes |
|---|---|---|---|
| Homestead | Real property, mobile home, or manufactured home to **\$200,000**; if primarily used for agriculture, **\$500,000**. Cannot exceed **1/2 acre** in city or **160 acres** elsewhere. | Minn. Stat. §§ 510.01, 510.02; 550.37 subd. 12 | Some inflation updates may apply after 7/1/1994. |
| Accident or Disability Proceeds | Fully exempt. | Minn. Stat. § 550.39 | |
| Fraternal Benefit Society Benefits | Fully exempt. | Minn. Stat. § 64B.18 | |
| Life Insurance Proceeds (Spouse/Child Beneficiary) | Up to **\$32,000**, plus **\$8,000** per dependent. | Minn. Stat. § 550.37 subd. 10 | Subject to inflation updates on even years. |
| Police, Fire, Beneficiary Association Benefits | Fully exempt. | Minn. Stat. § 550.37 subd. 11 | |
| Unmatured Life Insurance Contract Dividends/Interest/Loan Value | Up to **\$6,400** if the insured is debtor or someone the debtor depends on. | Minn. Stat. § 550.37 subd. 23 | Amount subject to inflation updates. |
| Earnings of Minor Child | Exempt from claims against parents or child (some exceptions). | Minn. Stat. § 550.37 subd. 15 | |
| Property of Business Partnership | Protected from partner’s individual creditors. | Minn. Stat. § 323.24 | |
| Pension (ERISA, IRAs, etc.) Needed for Support | Exempt up to **\$48,000** in present value. IRAs also covered if needed for support. Private retirement benefits, only accrued portion, also exempt. | Minn. Stat. § 550.37 subd. 24; IRAs also subd. 24; Private retirement (only building up) 181B.16? Public employees: Minn. Stat. §§ 353.15, 352.96, 352B.071 | |
| Appliances, Furniture, Radio, Phonograph, TV to \$7,200 | Household goods, potentially adjusted for inflation. | Minn. Stat. § 550.37(4)(b) | Check for inflation updates after 7/1/1994. |
| Bibles, Books, Musical Instruments | Fully exempt (for personal use). | Minn. Stat. § 550.37 subd. 2 | |
| Burial Plot, Church Pew or Seat | Fully exempt. | Minn. Stat. § 550.37 subd. 3 | |
| Clothing, Food & Utensils | Fully exempt necessities. | Minn. Stat. § 550.37 subd. 4(a) | |
| Motor Vehicle to \$3,200 | If modified for disability, up to **\$32,000**. | Minn. Stat. § 550.37 subd. 12(a) | Check inflation adjustments. |
| Personal Injury / Wrongful Death Recoveries | Fully exempt if needed for support. | Minn. Stat. § 550.37 subd. 22 | |
| Proceeds for Damaged Exempt Property | Exempt if they come from destroyed or damaged exempt item. | Minn. Stat. § 550.37 subds. 9, 16 | |
| AFDC, Supplemental Assistance, General Assistance, SSI/SSA | Fully exempt. | Minn. Stat. § 550.37 subd. 14 | |
| Crime Victims’ Compensation | Fully exempt. | Minn. Stat. § 611A.60 | |
| Unemployment Compensation | Fully exempt. | Minn. Stat. § 268.17 subd. 2 | |
| Veterans’ Benefits | Fully exempt. | Minn. Stat. § 550.38 | |
| Workers’ Compensation | Fully exempt. | Minn. Stat. § 176.175 | |
| Tools of Trade, except teaching materials, up to \$13,000 total | Farm machines, implements, livestock, produce & crops also up to \$13,000 if you’re a farmer. | Minn. Stat. § 550.37 subd. 5 | Check for inflation adjustments. |
| Teaching Materials for Public School Teacher | Books, chemical apparatus, etc. | Minn. Stat. § 550.37 subd. 8 | |
| Tools, Implements, Machines, Instruments, Furniture, Stock in Trade, Library up to \$8,000 | Additional “tools of trade” category for non-farmers, non-teachers. | Minn. Stat. § 550.37 subd. 6 | Subject to inflation updates. |
| Wages | Earned but unpaid wages: - In some cases, 75% minimum is exempt (Minn. Stat. § 571.922). - Wages deposited in a bank are protected for 20 days. - If receiving welfare or recently returned to work, certain wages are exempt. - Freed inmates’ wages for 6 months also exempt. | Minn. Stat. §§ 550.37 subds. 5, 13-14, 571.922 | Some details vary. Generally at least 75% is exempt. |
| Wildcard | None specified in Minnesota law. | -- |
This overview is provided for general educational purposes and does not constitute legal advice. Exemption amounts may be updated for inflation, typically on even-numbered years, and statutes can change or be interpreted differently by courts. Always consult a licensed Minnesota attorney or the official Minnesota Statutes for precise, up-to-date amounts and applicability to your situation.