bankruptcy Archives - Page 13 of 13 - Better Call Dave

For about a decade now I have been answering legal questions which I receive from LawGuru.com. I just posted a link to those answers at the right here on the blog. Over the years I have answered hundreds of questions on a great variety of topics. You can view the questions at http://www.lawguru.com/cgi/bbs/mesg.cgi?a=kellydav. From there I’m sure you can find a link for posting your own question should you choose to do so.

I usually put a little disclaimer at the end of each answer. A lot of the questions leave out essential information which if I only knew would change my response substantially. I am quite fond of saying that there is no substitute for a face to face meeting with a competent lawyer.

This past Monday Governor Pawlenty signed into law a revision to the Minnesota homestead exemption which does two things. First it increases the amount of equity in a homestead which is exempt from the current $200,000 to $300,000. Second, it increases the amount of land which is considered exempt from half an acre for the usual homestead located in a city to 160 acres.

When this new law goes into effect, which should be on August 1st, it should be much easier to claim a homestead as exempt in a bankruptcy or in any proceeding where a creditor is going after a homeowner in this state.

2022 update: Minnesota statutes now exempt homestead equity up to $480,000. This has resulted from incremental adjustments for inflation since the big jump in amount described here.

Category: bankruptcy

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