 Michigan Bankruptcy Exemptions
A debtor in the State of Michigan may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
A judgment debtor is generally entitled to a homestead exemption of not exceeding 40 acres of land and the dwelling house and appurtenances on the homestead in the value not exceeding $3,500.
Some of the personal property which may be exempt from levy and sale under any execution may include:
- all family pictures
- all arms and accouterments required by law to be kept by any person
- all wearing apparel of every person in the family
- fuel for comfortable subsistence of each householder and his or her family for six months
- all household goods, furniture, utensils, books and appliances, not exceeding in value of $1,000
- a seat, pew or slip occupied by the judgment debtor or his family in any house or place of public worship
- all cemeteries, tombs, and rights of burial while in use as repositories of the dead of the judgment debtor or his family
- tools, implements, materials, stock, apparatus, team, vehicle, motor vehicle, horses, harness, or other things to enable a person to carry on the profession, trade, occupation or business not exceeding in value of $1,000
- any benefits paid for the disability of the judgment debtor
- an individual retirement account or individual retirement annuity as defined in section 408 of the Internal Revenue Code
- the right of the judgment debtor's interest in a pension, profit-sharing, stock bonus, or other plan that is qualified under section 401 of the Internal Revenue Code, or an annuity contract under section 403 of the Internal Revenue Code
|
|
|
