Source: http://twincityattorneys.co/practice-areas/bankruptcy/faq/lose-any-property-bankruptcy/
Timestamp: 2019-04-25 22:09:28+00:00

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You are here: Home / Practice Areas / Minnesota Bankruptcy Attorney / File Bankruptcy FAQ / Will I Lose Any Property If I File Bankruptcy?
Most Chapter 7 filers lose NO property. But some people do lose some property which has become part of the bankruptcy estate. Most of your property will become part of the bankruptcy estate. The bankruptcy estate does not include certain property, such as ERISA qualified pensions, spendthrift trusts or certain education related accounts or interests. You can keep this property. A discussion of what property may be part of the estate would be too lengthy for this format. You must rely on your lawyer to tell you if any of your property will be part of the bankruptcy estate. Call us at 651-639-0313.
Debtors typically keep most or all of the property in their bankruptcy estate because the property is “exempt” under §522 of the Bankruptcy Code. Generally, if the total value of all your property is less than $12,725 you will lose no property. Further, it may be possible for you to keep property worth a great deal more.
5) property of any kind or description $1,225 plus up to $11,500 from any unused homestead exmtn.
8) certain interests in accrued dividend or interest or loan value in an unmatured life insurance contract when the owner & insured is debtor or dependent Up to $12,250 less certain payments from life ins. co.
These are the BASIC MINNESOTA exemptions: (There are OTHER MN exemptions, ask your lawyer about specific property) Some of the exemptions for all (100%) of a type of property may be subject to constitutional objection if they are based on a Minnesota Statute. This list contains basic exemptions, NOT ALL exemptions are listed which may be available.
Bible, library & musical instruments. Minn. Stat. §550.37, s. 2.
Pew & burial lot. Minn. Stat. §550.37, s. 3.
Personal goods: all wearing apparel,1 watch, utensils of debtor & family. Minn. Stat. §550.37, s. 4(a).
Household furniture, household appliances, phonographs, radio, radio & tv receivers of debtor & family. Minn. Stat. §550.37, s. 4(b).
Wedding rings or other symbols of marriage exchanged at time of marriage & in debtor’s possession. Minn. Stat. §550.37, s. 4(c).
Farm machines used in farming by debtor principally engaged in farming & livestock, farm produce, standing crops. Minn. Stat. §550.37, s. 5.
Tools of trade; tools, implements, machines instruments, office furniture, stock in trade & library reasonably necessary in debtor’s trade, business or profession. Minn. Stat. §550.37 s. 6.
University apparatus, library, philosophical & chemical or other apparatus belonging to or used in instruction of youth, in any university, college, seminary or school indiscriminately open to the public. Minn. Stat. §550.37, s. 8.
Exempt property claims. Money from claim on account of destruction or damage to exempt property. Minn. Stat. §550.37, s. 9.
Beneficiary associations relief or other benefits payable or to be rendered to police dept. association, fire dept. association, beneficiary association or fraternal benefit association to any person entitled to assistance or certificate holder of beneficiary of cert. holder. Minn. Stat. §550.37, s. 11.
Manufactured home inhabited as home by debtor (requirements for size, etc.). Minn. Stat. §550.37, s. 12.
Public assistance money received from various public assistance programs. Minn. Stat. §550.37, s. 14.
Salary or earnings of past recipient of public assistance for six months after returning to private employment or farming. Minn. Stat. §550.37, s. 14.
Minor child’s earnings Minn. Stat. §550.37, s. 15.
Claims for damages recoverable by person by reason of levy upon or sale after execution of person’s exempt property or by wrongful taking or detention of such property and any judgment. Minn. Stat. §550.37, s. 16.
Rights of action for injuries to person of debtor or of relative. Minn. Stat. §550.37, s. 22.
Life insurance aggregate interest in accrued dividend or interest under or loan value of unmatured life insurance contract owned by debtor under which insured is debtor or person of whom debtor is dependent. Minn. Stat. §550.37, s. 23.
Certain federally controlled retirement benefits – civil service (5 usc §8346); foreign service (22 usc §4060); military service (10 usc §1440); railroad workers (45 usc §241m); social security (42 usc §407); veteran’s benefits (38 usc §3101). Some of these benefits may not be part of the bankrupcty estate.
If you have further questions that are not covered in our Bankruptcy FAQ pages, we understand. Contact us today for help and assistance with your financial issues. A simple phone call, (651) 639-0313 or email today can relieve your stress and change your life. Contact us today!

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