Go to navigation Go to content
Toll-Free: 1 (800) 619-8991
Phone: (952) 388-2942

Why does it matter which list (Federal or state) I choose when filing bankruptcy?

You must choose either the Federal or state list and then use only that list; you may not use part of one list and part of the other. Because the state and Federal lists differ, one will end up protecting more of your assets. For example, Minnesota’s homestead exemption is bigger than the Federal homestead exemption, and so Minnesotans with large equities in their homes are often better off using the state list. On the other hand, the Federal list has a catch-all provision whereas the MN list does not, and so debtors with a lot of miscellaneous property or low home equity values may benefit from using the Federal list.

Barry Rosenzweig
Connect with me
Barry Rosenzweig, has 25 years experience as an attorney helping clients solve their legal problems.