Under Minn. Stat. § 550.37, subd. 8, you are allowed to exempt property if your interest in that property consists of “[t]he library and philosophical and chemical or other apparatus belonging to, and used for the instruction of youth in, any university, college, seminary of learning, or school which is indiscriminately open to the public.” In other words, if you have property which belongs to and is used to teach students at any level of education, then it’s protected.
Under Minn. Stat. § 550.37, subd. 9, you are allowed to exempt property claims. Specifically, the law allows you to exempt, “[a]ll money arising from any claim on account of the destruction or, or damage to, exempt property.” So, for example, let’s say a major hail storm occurred last summer and your insurance company finally gave you a check for $10,000 to fix the roof of your house. In this case, that $10,000 would be exempted, or in other words, protected, from the bankruptcy estate. However, if this occurs, I would advise you to either keep that physical check before filing your case, or create a separate account just for that amount. You do not want to co-mingle that $10,000 with the rest of your funds, since it would be more difficult to disseminate what amount is your personal funds and what amount came from that $10,000.
So, if you’re thinking of filing for bankruptcy, and or if you have questions or are ready to get your life back, reach out to Minnesota’s nicest bankruptcy law firm by going to www.kainscott.com. You won’t regret it!