Legal Question in Bankruptcy in Minnesota
Claim exemption of equity in residence
I would like to sell my home that has equity without having to file bankruptcy. I do have several judgements out there and would like to know if the 250,000 exemption would apply without filing
1 Answer from Attorneys
Re: Claim exemption of equity in residence
The exemption is now $300,000. Yes, it applies even if you don't file a bankruptcy. I have never actually seen somebody do this, but I have heard of a procedure for getting what would amount to a court order determining that the homestead is exempt and that the judgment is not a lien on it.
I would have to research exactly how to do that. I believe the way to accomplish this you would be to bring a motion in district court with notice to the judgment debtor. You might need to do a separate motion for each judgment.
Good luck.
This answer is for general information purposes only and does not create an attorney-client relationship.
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