Legal Question in Credit and Debt Law in Minnesota

Re: Homestead law question

The content of this response is general information. It is not legal advice, and no attorney client relationship is created with this information. That relationship is created only by written retainer agreement.

The answer to your question is probably not. The answer depends on the facts of your specific case. In Minnesota the homestead exemption, that is the amount that can be protected from creditors, is $200,000.00 in equity. However, this amount is linked to a lot size provision. If the homestead is within city limits this exemption amount is completely valid if the lot size of the homestead is no greater then one half acre. If the homestead is outside city limits then the size of the homestead property may not exceed 160 acres.

The amount of a judgment is also important. If a judgment is for a relatively small amount a creditor might not seek to execute the judgment against homestead proeprty because of cost involved, even if the equity amount is not exempted.