Michigan State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Michigan law provides a number of exemptions that protect your property, and your Michigan TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
$30,000 homestead exemption; $45,000 exemption if the debtor is 65 or older, or is disabled.
Wages
No specific wage exemption. 100 percent of workers' compensation, unemployment, and ex-servicemen's benefits are exempt.
Automobiles
Up to $2,775 in the value of one motor vehicle.
Other Property
100 percent of family pictures, clothing, food and fuel for six months, burial plots, and health aids; $450 per item, and an aggregate value of $3,000, in household goods, furniture, utensils, books, and appliances; $500 in value of a church pew; $2,000 in value of crops, farm animals, and feed; $500 in value of household pets; $500 in value of one computer and accessories; and $2,000 in value of tools, implements, materials, and other things to enable a person to carry on a profession.
» Read the complete Michigan bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.