What Creditors Can't Take in Minnesota
Money, home and vehicle exemptions that protect your property from creditors in Minnesota.
Short answer: No general dollar exemption for bank accounts outside bankruptcy. Exempt funds traceable to their source stay protected in an account, including need-based government assistance, wages for 20 days after deposit, and retirement and health savings accounts. Minn. Stat. § 550.37, subds. 13, 14, 20, 28; Commerce adjustment effective July 1, 2026
| Money protected in a bank account | No general dollar exemption for bank accounts outside bankruptcy. Exempt funds traceable to their source stay protected in an account, including need-based government assistance, wages for 20 days after deposit, and retirement and health savings accounts. In bankruptcy only, a $1,650 wildcard exemption can cover bank funds. Wildcard amount from the Department of Commerce adjustment table: https://mn.gov/commerce/money/depository/interest-rates/dollar-amounts/ (statute text shows $1,500). |
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| Homestead exemption | $540,000 for a homestead (up to 160 acres), or $1,350,000 if used primarily for agriculture, effective July 1, 2026. Inflation-adjusted every even-numbered year; the statute text before the July 1, 2026 adjustment showed $510,000 / $1,275,000 (https://www.revisor.mn.gov/statutes/cite/510.02). Commerce noted that amounts first published in April-May 2026 were incorrect and replaced them on June 29, 2026. |
| Vehicle exemption | One motor vehicle up to $10,200 in value; or one vehicle regularly used for a person with a physical disability up to $27,000; or one vehicle modified for a disability up to $110,000; or one vehicle needed for the debtor's trade or business up to $13,750 (amounts effective July 1, 2026). Statute text before the 2026 adjustment: $10,000 / $25,000 / $100,000 / $12,500 (https://www.revisor.mn.gov/statutes/cite/550.37). |
Where to get help in Minnesota
- Minnesota Attorney General's Office (consumer complaints); Minnesota Department of Commerce (licenses collection agencies)
- File a complaint or claim
More Minnesota debt & collections
- Statute of Limitations on Debt in Minnesota
- Wage Garnishment in Minnesota
- How to Respond to a Debt Collection Lawsuit in Minnesota
- Medical Debt Protections in Minnesota
- All Minnesota debt & collections rules
FAQ
How much money in a bank account is protected from creditors in Minnesota?
No general dollar exemption for bank accounts outside bankruptcy. Exempt funds traceable to their source stay protected in an account, including need-based government assistance, wages for 20 days after deposit, and retirement and health savings accounts. In bankruptcy only, a $1,650 wildcard exemption can cover bank funds.
What is the homestead exemption in Minnesota?
$540,000 for a homestead (up to 160 acres), or $1,350,000 if used primarily for agriculture, effective July 1, 2026.
Can a creditor take my car in Minnesota?
One motor vehicle up to $10,200 in value; or one vehicle regularly used for a person with a physical disability up to $27,000; or one vehicle modified for a disability up to $110,000; or one vehicle needed for the debtor's trade or business up to $13,750 (amounts effective July 1, 2026).
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.