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What Can You Keep in a Chapter 7 Bankruptcy?

One of the first questions often asked of a Minneapolis-St. Paul bankruptcy attorney is: what can I keep if I file for bankruptcy? It is an important question that depends on a number of factors, including what type of bankruptcy you file, what exemptions you choose to use, the value of your property, and other issues. A Minneapolis-St. Paul bankruptcy lawyer will help you make the decisions that are right for you and your family after considering your individual situation.

Common Exemptions
 
In Minnesota you have a choice between federal bankruptcy exemptions and state bankruptcy exemptions. You must pick one list or the other. You may not choose some from each list.

Federal Exemptions
 
Some of the federal exemptions include the following, up to a certain limit:

  • Equity in your home.
  • Household goods and appliances.
  • Motor vehicle.
  • Tools of your trade.
  • Benefits.
  • Catch-all exemption that lets you choose (up to a limit) which property to keep.

 
Minnesota Exemptions
 
Some of the Minnesota exemptions include the following, up to a certain limit:

  • Family bible, library or musical instruments.
  • A seat or pew in a place of worship and a burial plot.
  • Clothes.
  • Your home and up to 160 acres of land.
  • Wedding rings or other symbols of marriage.

 
These lists are not complete, but rather highlight some of the important exemptions. Additionally, they are subject to change. Thus, it is important to speak with an experienced Minneapolis bankruptcy lawyer before filing a bankruptcy petition.
 
Contact a Minneapolis-St. Paul Bankruptcy Attorney to Discuss How the Exemptions May Apply to You
 
Choosing which exemptions to claim is one of the most important decisions you will make if you file for Chapter 7 bankruptcy relief. Do not make the decision alone. Instead, contact a Minneapolis bankruptcy attorney who can advise you of your rights and help you make the decision that is best for you and your family.

You can reach an experienced Minneapolis bankruptcy lawyer today for a FREE consultation by calling 952.388.2942 or 800.619.8991.

We also invite you to learn more about filing for Bankruptcy in this state by reading our book, What You Need to Know About Filing Bankruptcy in Minnesota, which is available for FREE on our website.


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