Minneapolis, Minnesota: Exemptions and bankruptcy
Exemptions can protect your assets during bankruptcy. You must list all your assets when you file for bankruptcy. If you are eligible, you can also list an exemption that will protect the asset. In Minnesota, you can choose between federal and state-level exemptions. This is not true in every state. Your attorney will guide you through your assets to determine which exemptions apply.
Each exemption set, whether federal or Minnesota, has general exemptions for specific items and a wildcard exemption that can be used on any item.
If your property has been exempted and there have not been any objections to the exemptions within 30 days of your completed 341 hearing, your property will revert back to you. It is no longer property of the bankruptcy estate. After 30 days, creditors and the trustee are not allowed to object to exemptions. If you have non exempt assets, you must either pay the value to the bankruptcy estate of the non exempt portion or liquidate your assets. In a Chapter 13 case, you do not have to liquidate non-exempt assets. Instead, the value of those assets is added to what you pay creditors.
If, in the 730-day period prior to filing your bankruptcy, you lived in more than one State, you must look at the state where you spent the most time in the 180-day period prior to the 730-day period. This state will determine the exemptions that you can use.
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