You can't always write that headline, of course, but I think it applies to a law passed by the Minnesota Legislature in 2024. Chapter 114 updated exemption laws in Minnesota. (An exemption law means that a creditor cannot take a specific item). Among other things the new law did the following:
a) the exemption for a motor vehicle is $10,000 (more if modified to be handicapped accessible);
b) there is now a jewelry exemption of $3,062.50 (formerly it was only "wedding rings")
c) there is now an exemption of $3,000 for tools, snow removal equipment and lawnmowers
d) there is now an exemption of $1,000 for pets.
All of these increases or new exemptions are effective ".. August 1, 2024, and appl[y] to causes of action commenced on or after that date." I am not sure what that means. Does it mean if the debt arose before August 1, 2024 you are stuck with the old exemptions? Or does it mean that if a lawsuit or garnishment or bankruptcy is filed after August 1, 2024 that the new exemptions apply? I assume we will get some court decisions fairly soon on that point.
Whatever it means this is good news going forward.
As always, if you have questions feel free to contact me at 320-252-4473.
