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ASSET
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EXEMPTION DESCRIPTION
NOTE: § 550.37(4)(a) requires that certain exemptions be adjusted
for inflation on July 1 of even-numbered years. The below exemptions include changes through 7/1/94. For additional
information, contact the Minnesota Department of Commerce.
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LAW SECTION
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Homestead
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Real property, mobile home or manufactured home to $200,000 or, if
the homestead is used primarily for agricultural purposes, $500,000;
cannot exceed ½ acre in city or 160 acres elsewhere
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510.01, 510.02,
550.37 subd. 12
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Insurance
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Accident or disability proceeds
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550.39
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Fraternal benefit society benefits |
64B.18 |
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Life insurance proceeds if beneficiary is spouse
or child of insured to $32,000, plus $8000 per dependent |
550.37 subd. 10 |
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Police, fire or beneficiary association benefits |
550.37 subd. 11 |
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Unmatured life insurance contract dividends, interest
or loan value to $6400 if insured is debtor or someone debtor depends
on |
550.37 subd. 23 |
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Miscellaneous
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Earnings of minor child
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550.37 subd. 15
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Property of business partnership |
323.24 |
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Pension
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ERISA-qualified benefits needed for support, which do not exceed
$48,000 in present value
IRAs needed for support, which do not exceed $48,000 in present value
Private retirement benefits (only benefits building up)
Public employees
State employees
State troopers
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550.37 subd. 24
550. 37 subd. 24
181B.16
353.15
352.96
352B.071
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Personal property
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Appliances, furniture, radio, phonographs & TV to $7200 value
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550.37 subd. (4)(b)
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Bible, books & musical instruments |
550.37 subd. 2 |
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Burial plot; church pew or seat |
550.37 subd. 3 |
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Clothing (includes watch), food & utensils |
550.37 subd. 4(a) |
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Motor vehicle to $3200 (up to $32,000 if vehicle
has been modified for disability) |
550.37 subd. 12(a) |
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Personal injury recoveries |
550.37 subd. 22 |
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Proceeds for damaged exempt property |
550.37 subds. 9, 16 |
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Wrongful death recoveries |
550.37 subd. 22 |
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Public benefits
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AFDC, supplemental assistance, general assistance, SSI/SSA
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550.37 subd. 14
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Crime victims compensation |
611A.60 |
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Unemployment compensation |
268.17 subd. 2 |
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Veterans’ benefits |
550.38 |
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Workers’ compensation
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176.175 |
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Tools of trade
total tools of trade (except teaching materials) can’t exceed $13000
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Farm machines, implements, livestock, farm produce & crops of
farmers to $13,000 total
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550.37 subd. 5
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Teaching materials (including books, chemical apparatus)
of public school teacher |
550.37 subd. 8 |
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Tools implements, machines, instruments, furniture,
stock in trade & library to $8000 total |
550.37 subd. 6 |
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Wages
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Earned but unpaid wages, paid within 6 months of returning to work if
debtor received welfare in the past
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550.37 subd. 5
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Minimum 75% of earned but unpaid wages |
571.922 |
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Wages deposited into bank accounts for 20 days
after depositing |
550.37 subd. 13 |
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Wages of released inmates paid within 6 months
of release |
550.37 subd. 14 |
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All Earnings not subject to garnishment restrictions |
550.37 subd. 13 |
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WILD CARD
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NONE
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