Minnesota homeowners are entitled to a generous homestead exemption if they file for bankruptcy. Most homeowners are entitled to an exemption of $300,000 and if the homeowner has an agricultural property as his or her primary residence then that exemption goes up to $750,000. That means that equity up to that amount is protected against creditors who lack a direct security interest in the property. Therefore, as long as the homeowner does not have significantly more equity than that allowed by the homestead exemption and the homeowner can continue to make his or her mortgage payments that the homeowner will be entitled to keep the home during a bankruptcy proceeding.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.