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