As attorneys that specialize only in bankruptcy law, Kain & Scott stays on top of all changes to bankruptcy law as they happen through-out the year. Whether this is related to new acts of Congress, such as under the CARES Act which provides specific relief to bankrupt debtors, or Minnesota state law, it is important your bankruptcy attorney stays on top on all changes to the law.
For all bankruptcy cases filed on July 1st, or after, the Minnesota exemptions to protect your property are increasing. The highlights include: you may now protect up to $450,000 worth of home equity; your household goods are protected up to $11,250; tools of the trade goes up to $12,500; and insurance policies, claims, employee benefits, and your motor vehicle exemption all got adjustments which allow you to protect more of your necessary items.
The decision about whether federal law or the Minnesota exemptions should be used to protect your property is one of the most important aspects of filing a bankruptcy, and you should always discuss this with an experienced bankruptcy attorney who is versed on state and federal law. Improperly applied bankruptcy exemptions can lead to costly amendments to your case, or the turn-over of your assets to a bankruptcy trustee to be liquidated for the benefit of your creditors.
Normally, people who own their home and who have substantial equity in it will use the Minnesota exemptions to protect their equity in it. These adjustments will specifically benefit homeowners or other individuals who need relief and want to keep all their necessary assets. Kain and Scott offers 100% free, non-judgmental, consultations (remote or in office), if you have any interest in seeing if these changes could affect your situation and family.
When ready, reach out to Kain & Scott at www.kainscott.com.