I live in minnesota, and am curious to what are the exemptions for filing bankruptcy

Asked over 2 years ago - Wells, MN

am curious to what we are able to keep and what we are not. We have 3 cars and 2 motorcycles, two cars are paid off, third one is sons and he makes the payments every month, Will we be able to keep them all? What is the exemption totals for such items, and are there other ways to keep them? Any other information on exemptions and non exempt in Minnesota would be so greatly appreciated!

Attorney answers (5)

  1. Becky A Moshier

    Pro

    Contributor Level 9

    2

    Lawyers agree

    Answered . To answer your question it would be helpful to know what the value is of the motorcycles and the cars that are paid off. There are other assets that must be considered such as income tax refunds, property tax refunds, money invested in non-IRA or pensions such as stocks, bonds, certificates of deposit, savings accounts. The Court generally uses retail book value for vehicles and you may look these up yourself at www.nada.com. I am licensed to practice in Minnesota and can answer your specific questions about exemptions. Feel free to call my office at 651-645-1211.

    The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an... more
  2. Michael J Corbin

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Whether you can keep all your assets is a complicated question, and it depends entirely upon their value, condition, and what other assets would need to be covered. I would recommend an initial consultation with a bankruptcy attorney.

    We can be reached at 507.334.0155. Our web address is: www. corbin-law-office.com. Answers on Avvo are not to... more
  3. Alan D. Walton

    Pro

    Contributor Level 19

    2

    Lawyers agree

    Answered . According to the referred website, MN allows the federal exemptions. So it is the value of the 3 cars and 2 bikes that matter, as well as who owns them. Each spouse gets a vehicle exemption of $3450 if they own the vehicle. Then there is the wild card exemption, which can be as much as $11,950 for each, if there is little or no equity in the house. You really need to seek advice from a MN bankruptcy attorney. Go to www.nacba.org to find one near you. Whatever you do, DO NOT transfer ownership before you get advice.

  4. James Portman Webster

    Pro

    Contributor Level 15

    2

    Lawyers agree

    Answered . How long have you lived in Minnesota? These exemptions stated above only apply if you lived then for two continuous years.

    Good luck.

    Jim Webster
    www.jpwlegal.com

    1845 S. Dobson Rd. Ste 201
    Mesa, AZ 85202

    (480) 464-4667
    Jim@jpwlegal.com

    We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

    Please contact me directly with document for a free 30 minute consultation to get more concrete advice. This is... more
  5. Will Bussell Geer

    Contributor Level 8

    1

    Lawyer agrees

    Answered . This Minnesota Lawyer's website has the answers you are looking for: http://www.mn-bankruptcy.com/exemptions.html

    You need to consult an attorney.

    Law Office of Will B. Geer http://www.atlbankruptcyhelp.com
Avvo instant logo@2x

Need an answer to your questions within 15 minutes?

  • 30-minute phone call
  • Ask any questions
  • $99 flat fee
  • Money-back guarantee
Talk to an attorney now

Can't find what you're looking for?

Ask span5@2x

Ask a question on our public forum.

Ask a lawyer
Or@2x
Instant span6@2x

Have an attorney contact you privately.

Right now.

Icon lock@2x
Secure conversation. Your details remain between you and your attorney.
Icon clock@2x
Get an answer guaranteed. Be assured that a lawyer will contact you to help with your legal issue.
Start your session now