Michigan Bankruptcy Exemptions

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Federal bankruptcy exemptions available? YES

Michigan’s homestead exemption is up to $38,225 for a single person or a married couple (up to $57,350 for a disabled single person or married couple if over 65). The property in question cannot be larger than one lot or parcel 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 2017 (the next adjustment would be in 2020). 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.

Current exemption amounts

Resources

United States Bankruptcy Court, Eastern District of Michigan

United States Bankruptcy Court, Western District of Michigan

Michigan Bankruptcy Attorneys

35.926

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 $600 each and $3,825 total (inflation adjusted). 600.5451(1)(c)
Pews, slips, or seats in a church for the entire family: up to $650 (inflation adjusted). 600.5451(1)(d)
Animals, feed, and crops: up to $2,550 (inflation adjusted). 600.5451(1)(e)
Household pets: up to $650 (inflation adjusted). 600.5451(1)(f)
Motor vehicle: 1 up to $3,525 (inflation adjusted). 600.5451(1)(g)
Computer and accessories: up to $650 (inflation adjusted). 600.5451(1)(h)
Public Benefits Crime victims' compensation benefits: all. 18.362
Veterans' benefits for WWII veterans: all.
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.

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