Legal Question in Bankruptcy in Minnesota

The federal exemptions only allow for slightly over $21,000 of equity. You have $41,000. Even if you are husband and wife and you could double the exemption, for me it would be too close. State exemptions probably best for you. Getting the exemptions right is not exactly a science. It's more of an art. It takes a lot of knowledge and experience to get it right.

The impression I have is that you might be thinking of trying to file the bankruptcy by yourself without a lawyer. That in my opinion is not much different from doing brain surgery on yourself. Really bad idea. If you have a lawyer this is a question you should be discussing with him or her. If you don't have a lawyer, get one.

This response is not legal advice and does not create an attorney-client relationship. It is for general informational purposes only.

I would really check on that market value I doubt in todays market that that is a reality. I would check that figure.