Minnesota § 550.371 - EXEMPTIONS IN JOINT BANKRUPTCY
Full text of Minnesota Minnesota Statutes § 550.371 — EXEMPTIONS IN JOINT BANKRUPTCY, with citation guidance and answers to common questions.
§ 550.371. EXEMPTIONS IN JOINT BANKRUPTCY
Subdivision 1.Applicable law.
Except as provided in this section, the exemptions set forth in subsection (d) of section 522 of the Bankruptcy Act, United States Code, title 11, section 522(d), shall be available to residents of this state.
Subd. 2.Joint petition.
When spouses are joined in a petition for bankruptcy, they may jointly elect to utilize either the applicable exemption provisions pursuant to Minnesota law or pursuant to subsection (d) of section 522 of the Bankruptcy Act, United States Code, title 11, section 522(d), but not both.
Subd. 3.Individual petition.
When a petition for bankruptcy is filed individually, and not jointly, for a spouse, (a) one spouse shall not claim any exemption pursuant to Minnesota law for a period of three years from the date of filing if the other spouse has claimed any exemption under subsection (d) of section 522 of the Bankruptcy Act, United States Code, title 11, section 522(d); and (b) one spouse shall not claim any exemption pursuant to subsection (d) of section 522 of the Bankruptcy Act, United States Code, title 11, section 522(d), for a period of three years from the date of filing if the other spouse has claimed any exemption pursuant to Minnesota law.
Subd. 4.Marital status determined.
For the purposes of this section, persons shall be considered to be spouses if they are married to each other at the time of the filing of the first individual or joint petition for bankruptcy by either of them unless a decree of separation or temporary order of separation of the parties is issued prior to the time the petition is filed.
History:
1982 c 461 s 1; 2024 c 101 art 3 s 2
NOTE: This section was found unconstitutional in In re Soby, 37 B.R. 522 (Bankr. D. Minn. 1984).
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 550.371
What does Minnesota Statutes § 550.371 cover?
Section 550.371 ("EXEMPTIONS IN JOINT BANKRUPTCY") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 550.371?
A common citation format is "Minnesota Statutes § 550.371" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 550.371 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.