Michigan State Exemption List
Federal and State Exemptions Allowed
In the state of Michigan you can use either the State of Michigan Bankruptcy Exemption List or the federal bankruptcy exemption list. There may be certain federal supplemental exemptions you can use if you choose the state exemption list. All exemptions should be discussed with your Michigan Bankruptcy Attorney.
Michigan has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Michigan. There may be certain residency requirements to use the State of Michigan Bankruptcy Exemption List
The following table will outline the Michigan Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| 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) |
| 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 |
| 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 |
| 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 |
|