Michigan, MI Bankruptcy Exemptions

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The Essential Michigan Bankruptcy Information Guide

Michigan MI Bankruptcy Exemptions

STATE BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All law references are to Michigan 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 Federal Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
Retirement Benefits	CIA employees	50 § 403
	Civil service employees	5 § 8346
	Foreign service employees	22 § 4060
	Military honor roll pensions	38 § 562
	Military service employees	10 § 1440
	Railroad workers	45 § 231m
	Social Security	42 § 407
	Veterans' benefits	38 § 3101
	Veterans' medal of honor benefits	38 § 562
Survivor's benefits	Judges, US court directors, judicial center directors, supreme court chief justice administrators	28 § 376
	Lighthouse workers	33 § 775
	Military service	10 § 1450
Death & Disability Benefits	Government employees	5 § 8130
	Longshoremen and harbor workers	33 § 916
	War risk hazard death or injury compensation	42 § 1717
Miscellaneous	Klamath Indian tribe benefits for Indians residing in Oregon	25 § 543, 25 § 545
	Military deposits in savings accounts while on permanent duty outside continental U.S.	10 § 1035
	Military group life insurance	38 § 770(g)
	Railroad workers' unemployment insurance	45 § 352(e)
	Seamen's clothing	46 § 1110
	Seamen's wages (while at sea) pursuant to a written contract	46 § 1111
	75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors	15 § 1673

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