Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

      What Exemptions Should I Use in Minnesota?

      Posted by Amanda Scharber on February 8

      There are two sets of exemptions you can use in Minnesota, state and federal exemptions. You can use whichever is the most beneficial to you. Below are a few examples of why you may pick one over the other.

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      The Minnesota Homestead Exception: Chapter 7 v. Chapter 13

      Posted by Col Ovik on September 19

      As a general matter, homestead exemptions are to be liberally construed in favor of the exemption. All presumptions are to be made in favor of preservation and retention of the homestead. This is good news for a bankruptcy filer who wishes to protect/exempt their homestead when filing bankruptcy.

      The effect of claiming an exemption is to technically exclude property from the bankruptcy estate.

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      What Are Non-Exempt Assets in Bankruptcy in Minnesota?

      Posted by Amanda Scharber on June 25

      In bankruptcy there are certain exemptions you can choose from. These exemptions are what protect your assets from liquidation and asset seizure.

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      The Homestead Exemption in Bankruptcy

      Posted by William Kain on January 28

      Many people worry that if they file for bankruptcy, they will lose everything - their house, their car, anything of value that can be sold to pay their debts. Fortunately, this is not the case. Bankruptcy law provides for various exemptions that allow people to retain property and avoid creditors’ claims. One of the most important of these exemptions is called the “homestead exemption,” which allows people to keep their homes.

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      Everything You Need To Know About Bankruptcy Exemptions - PART 3

      Posted by William Kain on October 13

      Last week I wrote a second installment about Exemptions Available To Bankruptcy Debtors, under both the Federal Bankruptcy Code or state law. Last week, I looked at a number of exemptions available to debtors to protect tools of the trade, life insurance policies and the several exemptions that exist to protect the right of a debtor to receive government benefits, child support and maintenance. This week we’ll look at a few more Bankruptcy Exemptions. We’ll also try to draw a clear distinction between the exemption provisions of the Bankruptcy Code and Minnesota Statutes - and what do the differences say about the policies of the United States Congress (Bankruptcy Code) and Minnesota State Legislature (Minnesota Statutes).

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      Everything You Need To Know About Bankruptcy Exemptions - PART 2

      Posted by William Kain on October 10

      Last week, I wrote about the Bankruptcy Exemption Laws contained in both the Federal Bankruptcy Code as well as the exemptions contained in Minnesota’s debtor-creditor statutes. As noted, Minnesota is one of 15 states that are “opt-in” states - states that allow bankruptcy debtors to choose between the Bankruptcy Code exemptions or state law to protect property in a bankruptcy case. We also covered the exemptions available for commonly-owned property: homestead real estate, motor vehicles, household goods and furnishings, clothing and personal effects and jewelry. This week we’ll take a look at the exemptions available to people filing a bankruptcy case for property that is not quite as commonly present for most people. And we’ll look at what the differences and similarities in the state statutes and the Code tell us about the philosophy of bankruptcy law.

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      Everything You Need To Know About Bankruptcy Exemptions

      Posted by William Kain on September 28

      Financial difficulty brings with it a lot of distress. A person who is facing overwhelming debt is searching for ways to cope with, and eventually, overcome the financial challenges with which he or she is dealing. Many individuals dealing with the stress of debt that cannot be serviced look at bankruptcy as an option to resolve financial problems. But in considering whether to file a bankruptcy case, these individuals often worry about whether the property that they own ­ whether it is real estate or personal property ­will be protected if the individual decides to file a bankruptcy case.

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