Minnesota Bankruptcy

If you’re having a hard time making ends meet and bills are piling up, Chapter 7 bankruptcy may be able to help you eliminate your debt. Talk to a Minnesota bankruptcy attorney today about your options.

We’ll connect you with a Minnesota bankruptcy lawyer—for free and with no obligation. All you have to do is enter your ZIP code below and fill out a short bankruptcy form to get started.

Filing Chapter 7 Bankruptcy in Minnesota

Whether you are from Minneapolis, Saint Paul, Glenwood, or somewhere else in Minnesota and have thought about filing Chapter 7 bankruptcy , it’s a good idea to understand your state’s bankruptcy exemptions.

A Minnesota Chapter 7 bankruptcy lawyer can provide you with specific details about the bankruptcy process and give you the opportunity to find out which of your property could be exempt from Chapter 7 liquidation.

Minnesota Bankruptcy Laws

Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy because a bankruptcy trustee may sell (liquidate) a debtor’s non-exempt property and apply the proceeds to any unsecured debts that the debtor may owe.

But don’t worry–most people who file Chapter 7 bankruptcy don’t have non-exempt property and they’re allowed to keep all of their property.

Minnesota Bankruptcy Exemptions

An important first step to filing bankruptcy is to ask a Chapter 7 bankruptcy lawyer which and how much of your assets will be exempt from liquidation.

The following information is a basic introduction to Minnesota Chapter 7 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.

Vehicles:

• $2,000 for one vehicle.
• $20,000 that has been modified at a cost of not less than $1,500 to accommodate a physical disability.

Personal Property:

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

Questions? Talk to a Minnesota Chapter 7 Bankruptcy Lawyer

Minnesota Chapter 7 bankruptcy exemptions are specific. A Minnesota Chapter 7 bankruptcy lawyer can explain these exemptions and discuss what role they may play in your case.

We make it very simple to get in touch with a Minnesota Chapter 7 bankruptcy lawyer at Chapter7.com. All you have to do is fill out the above bankruptcy form or call us at 877-226-6844 and we’ll connect you with a local Minnesota Chapter 7 bankruptcy lawyer.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.