Suppose you filed a Chapter 7 Bankruptcy in Minneapolis, MN. You have a lot of equity in your home so your attorney correctly uses the Minnesota Exemption scheme to protect your assets the best she can. I say the best she can because when using the Minnesota Bankruptcy Exemption scheme, we know not all of your assets will be protected. Why? Because the Minnesota Bankruptcy Exemption scheme is fairly rigid; your assets either fit neatly into a Minnesota Exemption or it does not. There is no “wild card” exemption as there is in the Federal Exemption scheme.
