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

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. 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


  2. 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.


  3. 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 attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.


  4. 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 not legal advice. I don't have enough information to give actual legal advice. I can only take the limited information presented and provide a framework to know how your situation may turn out. I may have questions that bring up issues you did not think were important but make a big difference.


  5. 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 be considered a response to a specific legal issue in a specific jurisdiction - they are to be considered only general responses to hypothetical scenarios posed by the questioner. For specific legal advice, please consult with a licensed attorney in your jurisdiction. No information contained herein should be construed as a solicitation for business, an offer to perform legal services in any jurisdiction in which the attorneys of Corbin Law Office are not licensed, or the dissemination of legal advice. We are a debt relief agency. Corbin Law Office helps people file for bankruptcy relief under the bankruptcy code.

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