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Michigan State Bankruptcy Exemptions |
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Michigan State Bankruptcy Exemptions |
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FEDERAL
BANKRUPTCY EXEMPTIONS AVAILABLE All law references are to Michigan Compiled Laws Annotated unless otherwise noted. |
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| ASSET | EXEMPTION | LAW PROVISION |
| 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
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| WILD CARD | NONE | |
Thursday January 12, 2006