This is an official Minnesota court form for use in a civil case, a Summary of Exempt Property. USLF amends and updates these forms as is required by Minnesota Statutes and Law.
Minnesota Summary of Exempt Property
State:
Minnesota
Control #:
MN-JGM402
Format:
PDF
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You may file in person, via mail or online (depending on the county in which your property is located). To file in person, you should take the packet you received at closing to your county auditor's office. Tell them you need to file your mortgage exemption.
Nonexempt assets are those that can be sold by the trustee assigned to your case by a bankruptcy court. In a Chapter 7 bankruptcy, the proceeds from the sale of these assets are used to pay off or partially pay off some or all of your creditors.
Exempt assets include those properties that a debtor is allowed to keep with him/her irrespective of the bankruptcy proceeding. Such property is free from claims of a creditor, who do not have a lien on the property.
All states have designated certain types of property as exempt, or free from seizure, by judgment creditors. For example, clothing, basic household furnishings, your house, and your car are commonly exempt, as long as they're not worth too much.
Exempt property refers to any property that cannot be claimed by creditors in order to satisfy the borrower's debts. Non-exempt property refers to any other property that may be reached by creditors.An example involving exempt property would be when a homeowner has failed to maintain their mortgage payments.
Exemption laws allow you to keep a portion of your property away from your creditors when you can't pay a bill.The protected property is known as exempt property. You'll find a listing of exempt property in your state's exemption statutes.
STAR (School Tax Relief) Senior citizens exemption. Veterans exemption. Exemption for persons with disabilities. Exemptions for agricultural properties.
By applying bankruptcy exemption laws to their lists of assets, most people filing Chapter 7 bankruptcy are able to keep their houses and cars if: Their budgets enable them to keep up with a mortgage and car loan payments.
To file in person, you should take the packet you received at closing to your county auditor's office. Tell them you need to file your mortgage exemption. To file via mail, you can obtain the mortgage exemption form at the IN.gov website.