Michigan State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Michigan law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$30,000 homestead exemption; $45,000 exemption if the debtor is 65
or older, or is disabled.
Wages
No specific wage exemption. 100 percent of workers' compensation,
unemployment, and ex-servicemen's benefits are exempt.
Automobiles
Up to $2,775 in the value of one motor vehicle.
Other Property
100 percent of family pictures, clothing, food and fuel for six months,
burial plots, and health aids; $450 per item, and an aggregate value of $3,000,
in household goods, furniture, utensils, books, and appliances; $500 in value
of a church pew; $2,000 in value of crops, farm animals, and feed; $500
in value of household pets; $500 in value of one computer and
accessories; and $2,000 in value of tools, implements, materials, and
other things to enable a person to carry on a profession.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete Michigan bankruptcy
exemptions here
» Click Here to read the Federal bankruptcy
exemptions.
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