Michigan, MI Bankruptcy Exemptions

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Michigan, MI Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Michigan, MI Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Michigan, MI Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
Homestead	Real property including condo to $3500; property cannot exceed 1 lot in town, village, city, or 40 acres elsewhere Spouse or child of deceased owner may claim homestead exemption Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	559.214, 600.6023(1)(h), (I), 600.6023(3), 600.6027 SNB Bank & Trust v. Kensey, 378 N.W. 2d 594 (Ct. App.Mich. 1985)
Insurance	Disability, mutual life or health benefits Fraternal benefit society benefits Life, endowment or annuity proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	600.6023(1)(f) 500.8181 500.4054
Miscellaneous	Property of business partnership	449.25
Pensions	Firefighters, police officers ERISA-qualified benefits IRAs Judges Legislators Probate Judges Public school employees State employees	38.559(6) 600.6023(1)(k) 600.6023(1)(l) 38.825 38.1057 38.925 38.1346 38.40
Personal property	Appliances, utensils, books, furniture & household goods to $1000 total Building & loan association shares to $1000 par value, in lieu of homestead Burial plots, cemeteries; church pew, slip, seat Clothing; family pictures 2 cows, 100 hens, 5 roosters, 10 sheep, 5 swine; hay & grain to last 6 months if you’re a head of household Food & fuel to last 6 months if you’re a head of household	600.6023(1)(b) 600.6023(1)(g) 600.6023(1)(c) 600.6023(1)(a) 600.6023(1)(d) 600.6023(1)(a)
Public benefits	AFDC Crime victim’s compensation Social welfare benefits Unemployment compensation Veterans’ benefits for Korean War veterans Veterans’ benefits for Vietnam veterans Veterans’ benefits for WWII veterans Workers’ compensation	330.1158a 18.362 400.63 421.30 35.977 35.1027 35.926 418.821
Tools of trade	Arms & accoutrements you’re required to keep Tools, implements, materials, stock, apparatus, team, motor vehicle, horse & harness to $1000 total	600.6023(1)(a) 600.6023(1)(e)
Wages	60% of earned but unpaid wages for head of household; else 40$; head of household may keep at least $15 per week plus $2 per week per non-spouse dependent; other may keep at least $10 per week	600.5311
WILD CARD	NONE

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