Here are some of the exemptions available in Michigan bankruptcy, according to the Michigan Legislature:
- Homestead exemption: Up to $35,500 of equity in your home.
- Motor vehicle exemption: Up to $3,250 of equity in your car.
- Personal property exemption: Up to $3,525 of household goods and $600 of jewelry.
- Clothing exemption: All clothing is exempt.
- Family pictures exemption: All family pictures are exempt.
- Burial plot exemption: Up to $1,000 for a burial plot.
- Tools of the trade exemption: Up to $1,500 of tools and equipment used by you in your trade or profession.
- Public benefits exemption: Up to $1,000 of public benefits, such as welfare, unemployment benefits, and Social Security benefits.
- Life insurance exemption: Up to $10,000 of life insurance proceeds.
- Pension exemption: The entire value of your pension is exempt.
- Retirement account exemption: The entire value of your retirement account is exempt.
You can find the full list of Michigan bankruptcy exemptions here:
The amounts of the exemptions are adjusted annually for inflation.
If you are married and filing for bankruptcy together, you can double the amount of most exemptions.
It is important to note that these are just the general exemptions available in Michigan bankruptcy. There may be other exemptions available to you depending on your individual circumstances. You should speak with an experienced bankruptcy attorney to discuss your options and determine which exemptions are available to you.
