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Exemptions, Minnesota

"Exemptions" are assets which, by law, cannot be seized to satisfy ordinary contract debts. Minnesota law provides a relatively generous set of exemptions. The principal ones are the homestead exemption, set out in Chapter 510 of Minnesota statutes, and the personal property exemption, set out in Chapter 550.37 of the statutes. The homestead, in general terms, is limited by both acreage and value. If the real property on which the homestead is located is inside the laid out or platted part of a city, the limitation is one-half acre (approximately 100 feet wide and 200 feet long). If the real property is outside the laid out or platted part of a city, the acreage limitation is 160 acres. In either event, the equity is capped at $200,000 for all persons other than farmers. For farmers the equity is capped at $500,000.