Site Notice: ****Special Holiday Hours: Hours of operation for Monday September 7th 9am-2pm EST****
Site Maintenance: On 06/06/2012 between 11 PM EST to 1 AM EST the site and its related services will undergo scheduled maintenance.

Michigan Bankruptcy Exemptions

The chart below contains a summary of Michigan state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Michigan bankruptcy exemptions laws.

Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions

Personal exemptions allowed by Michigan Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

Note: Bankruptcy exemption amounts are adjusted for inflation every 3 years by the Michigan Department of Treasury. So the amounts listed in the statutes may not be current. The last adjustment was in 2008. This chart reflects the current exemption amounts. View all the current amounts here.

ASSET EXEMPTION LAW
Michigan Homestead Real property to $34,450 (if debtor is over 65 years old or disabled, to $51,650). Property cannot exceed one lot in town, village, city, or 40 acres elsewhere. Spouses or unmarried co-owners may not double. 600.5451(1)(n);
600.5451(1)(o)
Wages Head of household can keep 60% of earned but unpaid wages (not less than $15 per week), plus $2 per week per non-spouse dependents. If not head of household, debtor may keep 40% of earned but unpaid wages (not less than $10 per week). 600.5311
Automobile Up to $3,175 600.5451(1)(g)
Other property Disability, mutual life, or health benefits 600.5451(1)(j)
Property of business partnership 449.25
Appliances, utensils, books, furniture, and household goods to $525 each, $3,450 total 600.5451(1)(c)
Clothing and family pictures 600.5451(1)(a)
Burial plots, cemeteries 600.5451(1)(a)(vii)
Tools, implements, materials, stock, apparatus, or other things needed to carry on occupation to $2,300 total 600.5451(1)(i)
Wildcard None  

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Michigan bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Michigan bankruptcy exemptions laws.
Go to Federal Bankruptcy Exemptions

Michigan Bankruptcy Court links :

*The use of partners trademarks are not intended to imply endorsement of these products.

Ready to Start? Call us at 1(888)214-7773