Question: "Will I lose everything?" Answer: "No."

In Minnesota you can file using exemptions from the United States Code, or the Minnesota State Statutes.  In Minnesota, the Federal Code is used most of the time because it protects a variety of property more broadly.  However, if someone has a significant amount of equity in their home (the state exemptions allow an exempting in excess of $300k), then state exemptions must be used to protect this equity and some other types of property (such as tax refunds and wages) could be lost.  This is just a hypothetical example showing the several permutations of every bankruptcy case.  Consult an attorney before filing bankruptcy.

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