Minnesota Laws on Wage Garnishments, Statute of Limitations on Debt and Bankruptcy Property Exemptions
WAGE GARNISHMENT EXEMPTION:  75% of earnings or amount equal to 40 times the federal minimum hourly wage, whichever is greater

MAXIMUM INTEREST RATE: Legal: 6% Judgment:  About 5% (changes annually)


Open Account (credit card):  6 years
Written Contract: 6 years
Domestic Judgment: 10 years
Foreign Judgment: 10 years

BAD CHECK LAW DAMAGES:  $100 or amount of check, whichever is greater, plus interest, and attorney fees if check is over $1250


NOTE:  Minnesota updates amounts every two years; check statutes for updates.
Can use either the state exemption below or federal exemptions

The State of Minnesota has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real Property:  Real property or mobile home to $200,000 for non-farm land, $500,000 if used in farming, up to 1/2 acre in city or 160 acres elsewhere [510.01, 510.02, 550.37(12)]
Personal Property:  Burial place and church pew [550.37(3)]; motor vehicle to $2,000 ($20,000 if modified for disabled person) [550.37(12)(a)]; appliances, furniture, radio, phonographs and TV to $4,500 [550.37(4)(b)]; bible, books and musical instruments, unlimited amount [550.37(2)]; clothing, watch, food and utensils, unlimited amount [550.37(4)(a); teaching materials of public school teacher, unlimited amount [550.37(8)]; farm machines, implements, livestock, farm produce and crops up to $13,000 total [550.37(5)]; personal injury and wrongful death recoveries, unlimited amount [550.37(22)]; proceeds for damaged exempt property up to exemption amount [550.37(9) and (16)]; tools, implements, machines, business furniture, stock in trade and library used in business up to $5,000 total [550.37(6)]

Debt Statutes  > Minnesota
Insurance / Annuities:  Police, fire, or beneficiary association benefits, unlimited amount [550.37(11)]; accident or disability insurance proceeds, unlimited amount [550.39]; life insurance proceeds if beneficiary is spouse or child of insured up to $20,000 plus $5,000 per dependent [550.37(10)]; fraternal society benefits, unlimited amount [648.18]; unmatured life insurance contract dividends, interest or loan value up to $4,000 if insured is debtor or dependent [550.37(23)]
Pensions / Retirement Plans:  Retirement benefits and IRAs up to $30,000 (present value) [550.37(24)]; unpaid private retirement benefits [181B.16]; public employees, unlimited amount [353.15]; state employees, unlimited amount [352.96]; state troopers, unlimited amount [352B.071]
Public Benefits / Entitlements:  Veterans' benefits; workers' compensation; AFDC; general or supplemental assistance; supplemental security income; crime victims' compensation; unemployment compensation
Wages:  75% of earned but unpaid wages [571.922]; earned but unpaid wages, unlimited amount if paid within six months of returning to work and if debtor has ever received welfare [550.37(13)]; wages deposited in bank accounts for 20 days [550.37-13]; wages of released inmates paid within six months of release, unlimited amount [550.37(14)]; earnings of a minor child, unlimited amount [550.37(15)]
Miscellaneous:  Property of a business partnership, unlimited amount [323.24]