But when using the Minnesota Bankruptcy Exemptions, we know with certainty you will have assets we cannot protect. Like what? Well, for starters, money owed to you in the form of wages on the date you file bankruptcy partially not protected (typically 25% of the wages owed you on the date you filed the bankruptcy is not protected). What else? Typically, a portion of your tax refunds owed to you for the year in which you filed is not protected as are your property tax/rental rebate refunds for the previous year if you have not already received them.
Add to this things like toys (think boats, 4-wheelers, jet skis, etc.) are not protected either. In addition, the equity in vehicles you can protect are capped at about 5k per each debtor. Any equity about this in a vehicle is not protected. In my opinion, the Minnesota Exemption laws are pre-historic protecting things like “phonographs” and failing to protect things like I-pads. The Minnesota legislature needs to update the exemptions to reflect like in the 21st century. LifeBack Law Firm is working on doing getting our bankruptcy exemption laws updated.
When the time is right, or when you are ready to get your life back and file Chapter 7 Bankruptcy in Minneapolis, MN, reach out to LifeBack Law Firm by going now to www.lifebacklaw.com. You will be so thankful you did.