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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37864
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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What Minnesota exemption would a debtor use to protect its

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What Minnesota exemption would a debtor use to protect it's pets in Chapter 7?

Are these pets used for commercial breeding purposes, or are they just companions?
Customer: replied 3 years ago.

Just companions.

Sorry for the delay.

As a general proposition, I have never observed anyone attempting to use a bankruptcy exemption for a pet, or even the scheduling of a pet on a bankruptcy petition. The reason is simply that the bankruptcy trustee is not a pet store, and he/she is not going to seize a companion animal and sell it, unless we are talking about a pet that has won Best in Show at the Westminster Dog Show.

That said, if you were going to use an exemption, then the first issue is whether or not you have chosen the federal or state exemptions for your bankruptcy.

If the state exemptions are used, then there is no applicable exemption that could apply to a companion pet. If the federal exemptions are used, then Bankr. Code 522(d)(5) is the "wildcard" exemption, and it can be used for any purpose, up to $1,550, plus up to $22,975 for any amount not used to protect the debtor's principal residence.

Hope this helps.
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