MINNESOTA BANKRUPTCY ELIMINATIONS
Minn. Stat. has undergone a notable update. SS 550.37 contained subdivision (c). This exemption allows the debtor to exclude, up to a certain dollar amount, any jewelry. Prior to the update, the exemption was limited to the debtor’s wedding band and the exemption itself had very specific language on what qualified as a wedding band and therefore within the purview of the exemption.
Jewelry is one of those items that can have a lot of sentimental value for people, and your grandmother’s ring, would have been liquidatable under the previous exemption scheme. The debtor was forced to choose between a new start and an item that has been in the family for generations.
Another change to 550.37 is the subdivision (b). The revision of the exemption has done a lot for electronic devices. The laws are slow to change, and the previous law left many essential electronic items non-exempt. They were also subject to the bankruptcy estate. Tablets, computers, and smartphones can now be included in the exempted asset list. In a liquidation, it can be a real problem if you don’t have another mode of transportation and your vehicle is liquidated.
Last, and probably the most significant revision to Minn. Stat. SS 550.37 is the Wildcard Exemption. For the first time, debtors are able to protect assets that are not normally exempt. This includes firearms, boats and 4wheelers, stock, money in bank accounts, and tax refunds. These revisions have benefited debtors in a significant way. The bankruptcy process is intended to give debtors a new start, while also being fair and balanced for creditors. Call now for a free strategy session with an MN bankruptcy lawyer at LIFEBACK LAW.
With recent revisions, debtors can get a fresh start while creditors are still treated fairly.
Contact the attorneys at LifeBackLaw and see us at
www.LifeBackLaw.com
and let us help you get your life back.
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