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Michigan Bankruptcy ExemptionsHomestead 600.5451 - Real property, including condominium, up to $34,450(if over 65 or disabled, up to $51,650); but may not exceed 1 lot in a city, town, or village, or 40 acres elsewhere. Spouse or child of deceased owner may claim the exemption. Unmarried co-owners and spouses may not double. Tenancies by the entirety are exempt without limit as to debts of one spouse [SNB Bank & Trust v Kensey, 378 N.W.2d 594 (Mich. App. 1985)]. Personal Property 600.5451 - Clothing; household goods, furniture, appliances, utensils and books up to $525 each or $3,450 total; food and fuel to last 6 months; building and loan association shares up to $1,150 par value, in lieu of homestead exemption; family pictures; church pew, slip or seat up to $575 for the entire family; professional prescribed health aids; motor vehicle up to $3.175; household pets up to $575; crops, feed and animals up to $2,300; computer and accessories up to $575; burial plots and cemeteries. Wages 600.5311 - 60% of earned but unpaid wages for head of household; 40% for others; subject to following minimums: $15 per week plus $2 per week for each dependent other than spouse for head of household; $10 per week for others. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. 38.40 - State employees. 38.559 - Police officers and firefighters. 38.2308 - Judges; probate judges. 38.1057 - Legislators. 38.1346 - Public school employees. 600.5451 - ERISA-qualified benefits as well as IRAs and Roth IRAS with the exception of contributions made within the last 120 days. Public Benefits 18.362 - Crime victims' compensation. 35.1027 - Vietnam veterans' benefits. 35.926 - Veterans' benefits for WWII veterans. 35.977 - Korean War veterans' benefits. 400.63 - Social welfare benefits. 418.821 - Workers' compensation. 421.30 - Unemployment compensation. Tools of Trade 600.5451 - Tools, implements, materials, stock, apparatus, and other things needed to carry on an occupation up to $2,300 total. 600.6023 - Arms and accoutrements you are required to keep. Insurance 500.2207 - Life insurance. 500.2210 - Trust funds or life insurance policies that are employer-sponsored. 500.4054 - Life, annuity, or endowment proceeds if policy or contract prohibits use to pay creditors. 500.8181 - Fraternal benefit society benefits. 600.5451 - Disability, mutual life, or health benefits. Miscellaneous 449.25 - Business partnership property. Other - Add any applicable Federal Nonbankruptcy Exemptions HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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