Unused Homestead Exemption in Minnesota

[jacko]

What if you do not own a home, can you still apply the unused $5000 homestead exemption towards property such as a vehicle?

[doni49]

What if you do not own a home, can you still apply the unused $5000 homestead exemption towards property such as a vehicle?

The OP's question related to VA's BK laws. In that instance, $5k of unused the homestead exemption could be used a wildcard. So yes, he could have done so (at least assuming he's correct about the VA laws--I have not researched them myself as I'm in Missouri).

But the real question you need to get answered is what does YOUR state allow? Each state is different.

[discouraged]

Google MN exemptions and see what exeptions apply. I believe you have to apply it to homestead only but read for yourself. I went to legalconsumer.com when I googled.

[nfreeze]

I am from Minnesota and found that I was better off using the federal exemptions. Check those out. I was able to exempt cash with the unused homestead. When I originally filed, I used the MN Exemptions and stood to lose the money in the bank for my business. I then filed amended petition using Federal. Good luck!