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Michigan Bankruptcy Exemptions

Federal Supplemental Exemptions can be used in conjunction with your Michigan exemptions and can be viewed here.

In Michigan, you may choose to use the Federal Exemption set instead of your state exemptions.

You may also want to visit your local federal bankruptcy court web site:

Also see Michigan bankruptcy forms.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

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

 

 

WILD CARD

NONE