2018 Changes to Minnesota Bankruptcy Exemption Amounts

Minnesota exemption figures used in bankruptcy cases increase on July 1, 2018.

Bankruptcy exemptions allow a debtor to protect property needed to work and live after a bankruptcy proceeding. Some of the exemptions outlined in Minnesota law increased effective July 1, 2018.

  • Homestead exemption. $420,000; $1,050,000 if used for agriculture purposes. (Minn. Stat. § 510.2 subd 1.)
  • Motor vehicle. $4,800; $48,000 modified for disability if modification cost at least $3,600. (Minn. Stat. § 550.37 subd 12a.)
  • Personal goods. $10,800. (Minn. Stat. § 550.37 subd 4.)
  • Wedding ring. $2,940. (Minn. Stat. § 550.37 subd 4.)
  • Insurance benefits for additional dependent. $12,000. (Minn. Stat. § 550.37 subd 10.)
  • Employee benefits. $72,000. (Minn. Stat. § 550.37 subd 24.)

For more information, see Minnesota Bankruptcy Exemptions.

Avoid property loss by verifying all bankruptcy exemption amounts through independent research or by consulting with a local bankruptcy attorney. These figures change on July 1 of each even year to reflect a 10% increase.

Effective date: July 1, 2018