Legal Question in Bankruptcy in Minnesota

Re: Minn. resident, own a travel trailer in Florida, will I lose it?

The travel trailer in a Chapter 7 can probably be claimed as exempt under the "catch-all" exemption. Unless you are claiming a homestead exemption which I doubt because you say you rent, each you and your wife have a catch-all exemption where you can claim any asset as exempt up to about $9,000.

If there is a loan against the car, the only way to keep the car is to keep paying the loan. Otherwise the lender can repossess. You don't necessarily have to reaffirm the debt, but you do have to keep making the payments. There's no way around that.

As for newspapers, I can only speak for those here in the Twin Cities. They usually don't publish anything about the bankruptcy unless it has a business name tied to it. Consumer bankrupties apparently are not considered news. The bankruptcy is public information, and does show up on the bankruptcy court web site as well as in a little publication nobody reads called "Finance and Commerce" (if in Hennepin Country) or "Legal Ledger" (if in Ramsey County).

I think that was all your questions.

Good luck.

This response is for general information purposes only and does not create an attorney-client relationship. You are advised to consult the lawyer of your choice concerning the details of your case.

Re: Minn. resident, own a travel trailer in Florida, will I lose it?

Short answer -- you can probably keep your trailer home and your car.

Essentially, in Minnesota you are allowed to "exempt" certain property from the claims of creditors and this right is preserved in a bankruptcy proceeding. The easiest way to understand "exemptions" is to view the exemptions as the property a filer keeps in spite of filing for bankruptcy relief. A filer in entitled to keep up to $9,900 in any personal property of his/her choice so your trailer will be exempt. This is the case if you don't own a home (if you own a home in Minnesota then $9,900 is reduced) You are permitted to exempt a automobile not to exceed $2,775 in value. Exemptions relate to the equity you have in a particular item of property. In a technical sense if you owe more money than the property is worth (this happens frequently in the case of cars, computers and furniture)then there is no equity to exempt. A good lawyer will guide you through the exemptions and request them for you in your bankruptcy case. The goal should be taking advantage of the strategy that will allow you to keep all or most of your property. You should know that the exemptions are available to each individual if both you and your spouse filed. (just double the amounts).

In order to keep the car you would still be responsible for making the monthly payment on the car loan. In terms of the newspapers I know the Star Tribune does not publish info on individual consumer bankruptcy filings. The Star Tribune only lists bankruptcies connected with businesses.

I would be happy to speak with you personally if you have more questions. ph. (612) 677-0161 or (800) 303-0720