| UNITED STATES BANKRUPTCY COURTS | ||||||
| State Of Minnesota | ||||||
| Exemptions Are Illustrated Below Courts | ||||||
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| 8th Circuit Eighth Circuit Court of Appeals Minnesota Bankruptcy Court |
| Exemptions: In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The debtor's dwelling place, together with the land upon which it is situated to the amount of area and value hereinafter limited and defined, shall constitute the homestead of such debtor and the debtor's family, and be exempt from seizure or sale under legal process. (Sec. 501.01.) The amount of such homestead exemption, however, may not exceed $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000. (Sec. 510.05.) Some of the personal property which may be exempt from seizure or sale may include the debtor's family Bible, library, and musical instruments, a seat or pew in any house or place of public worship, a lot in any burial ground, wearing apparel, one watch, utensils, and foodstuffs of the debtor and the debtor's family; household furniture, household appliances, phonographs, radio and television receivers of the debtor and the debtor's family, not exceeding $4,500 in value; Farm machines and implements used in farming operations by a debtor engaged principally in farming, livestock, farm produce, and standing crops, not exceeding $13,000 in value; tools, implements, machines, instruments, office furniture, stock in trade, and library reasonably necessary in the trade, business, or profession of the debtor, not exceeding $5,000 in value. Additional exempt personal property may include certain public assistance, employee benefits, and retirement plans. In a bankruptcy proceeding, the exemptions set forth in subsection (d) of section 522 of the Bankruptcy Act, United States Code, title 11, section 522(d), are also available to residents of the State of Minnesota. |
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