Michigan’s homestead exemption is up to $34,450 for a single person or a married couple (up to $51,650 for a disabled single person or married couple if over 65). The property in question cannot be larger than one lot in a town, village, or city, or 40 acres anywhere else. If the owner of the property is deceased, the spouse and children may claim this exemption.
The references to Michigan statutes are to the Michigan Compiled Laws. In Michigan the dollar amounts of exemptions are adjusted for inflation at 3-year intervals, and were last adjusted in early 2008. This means that the amounts given in the statutes cited will not be correct. To find the most up-to-date exemption amounts, go to the Michigan website below.
| Michigan Bankruptcy Exemptions
|
|
|
|
|
|
| Assets |
Exemption |
State Statute |
|
|
| Homestead |
Property owned by married couple as tenancy in the entirely may be exempt
if only one spouse is the debtor. |
600.5451(1)(o) |
|
|
| Insurance |
Life insurance policy or trust fund sponsored by an employer:
all. |
500.2210 |
|
|
|
Life insurance: all. |
500.2207 |
|
|
|
Life, endowment, or annuity proceeds: all if there is a clause that
forbids the use of proceeds to pay the beneficiary's creditors. |
500.4054 |
|
|
|
Fraternal benefit society benefits: all. |
500.8181 |
|
|
|
Health, disability, or mutual life benefits: all. |
600.5451(1)(j) |
|
|
| Miscellaneous |
Property belonging to business partnership: all. |
449.25 |
|
|
| Pensions |
Federal pension exemptions. |
|
|
|
State employee pensions: all. |
38.40; 38.1683 |
|
|
|
Firefighter and police pensions: all. |
38.559(6); 38.1683 |
|
|
|
Legislator pensions: all. |
38.1057; 38.1683 |
|
|
|
Public school employee pensions: all. |
38.1346; 38.1683 |
|
|
|
Judge pensions: all. |
38.2308; 38.1683 |
|
|
|
Probate judge pensions: all. |
38.2308; 38.1683 |
|
|
|
IRAs and Roth IRAs: all contributions made more than
120 days before filing for bankruptcy. |
600.5451(1)(l) |
|
|
|
ERISA qualified benefits: all contributions made more than 120 days before filing for bankruptcy. |
600.5451(1(m) |
|
|
| Personal Property |
Health aids prescribed by a health professional: all. |
600.5451(1)(a) |
|
|
|
Burial plots or cemeteries: all. |
600.5451(1)(a) |
|
|
|
Clothing and family pictures: all. |
600.5451(1)(a) |
|
|
|
Food and fuel: enough to last the family up to 6 months. |
600.5451(1)(b) |
|
|
|
Household goods, furniture, appliances, utensils, and books: up to $475
each and $3,200 total. |
600.5451(1)(c) |
|
|
|
Pews, slips, or seats in a church for the entire family: up to $525. |
600.5451(1)(d) |
|
|
|
Animals, feed, and crops: up to $2,125. |
600.5451(1)(d) |
|
|
|
Household pets: up to $525. |
600.5451(1)(f) |
|
|
|
Motor vehicle: 1 up to $2,950. |
600.5451(1)(g) |
|
|
|
Computer and accessories: up to $525. |
600.5451(1)(h) |
|
|
|
Building and loan association shares: up to $1,075 of unused homestead
exemption. |
600.5451(1)(k) |
|
|
| Public Benefits |
Crime victims' compensation benefits: all. |
18.362 |
|
|
|
Veterans' benefits for WWII veterans: all. |
35.926 |
|
|
|
Veterans' benefits for Korean War veterans: all. |
35.977 |
|
|
|
Veterans' benefits for Vietnam veterans: all. |
35.1027 |
|
|
|
Social welfare benefits: all. |
400.63 |
|
|
|
Workers' compensation benefits: all. |
418.821 |
|
|
|
Unemployment compensation benefits: all. |
421.30 |
|
|
|
| Tools of Your Trade |
Arms and accoutrements: all necessary for trade. |
600.6023(1)(a) |
|
|
|
Motor vehicle, tools, implements, materials, apparatus, stock, team,
horse, and harness: up to $1,000 total. |
600.6023(1)(e) |
|
|
| Wages |
Wages for head of household: at least 60% of weekly unpaid wages (not
less than $15 per week) plus $2 per week for each nonspouse dependent. |
600.5311 |
|
|
|
Wages for person other than head of household: at least 40% of weekly
unpaid wages (not less than $10 per week). |
600.5311 |
|
|
| Wildcard |
No exemption. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Law Center
|
Legal Resource Directory
|
Legal Articles
|
Insurance Advice and Quotes
|
FreeAdvice Answers
|
Community Forums
