Michigan Bankruptcy Exemptions

Homestead

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