Michigan Bankruptcy Exemptions
Homestead
600.5451 - Real property, including condominium, up to $31,900(if over 65 or
disabled, up to $47,825); but may not exceed 1 lot in a city, town, or
village, or 40 acres elsewhere. Spouse or child of deceased owner may claim
the exemption. Tenancies by the entirety are exempt without limit as to
debts of one spouse [SNB Bank & Trust v Kensey, 378 N.W.2d 594 (Mich. App.
1985)].
Personal Property
600.5451 - Clothing; household goods, furniture, appliances, utensils and
books up to $475 each or $3,000 total; food and fuel to last 6 months;
building and loan association shares up to $1,075 par value, in lieu of
homestead exemption; family pictures; church pew, slip or seat up to $525
for the entire family; health aids; motor vehicle up to $2,950; household
pets up to $525; crops, feed and animals up to $2,125; computer and
accessories up to $525; burial plots and cemeteries.
Wages
600.5311 - 60% of earned but unpaid wages for head of household; 40% for
others; subject to following minimums: $15 per week plus $2 per week for
each dependent other than spouse for head of household; $10 per week for
others.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
38.40 - State employees.
38.559 - Police officers and firefighters.
38.2308 - Judges; probate judges.
38.1057 - Legislators.
38.1346 - Public school employees.
600.5451 - ERISA-qualified benefits as well as IRAs and Roth IRAS with the
exception of contributions made within the last 120 days.
Public Benefits
18.362 - Crime victims' compensation.
35.1027 - Vietnam veterans' benefits.
35.926 - Veterans' benefits for WWII veterans.
35.977 - Korean War veterans' benefits.
400.63 - Social welfare benefits.
418.821 - Workers' compensation.
421.30 - Unemployment compensation.
Tools of Trade
600.6023 - Tools, implements, materials, stock, apparatus, motor vehicle,
horse, team and harness up to $1,000 total; arms and accoutrements you are
required to keep.
Insurance
500.2207 - Life insurance.
500.2210 - Trust funds or life insurance policies that are
employer-sponsored.
500.4054 - Life, annuity, or endowment proceeds if policy or contract
prohibits use to pay creditors.
500.8181 - Fraternal benefit society benefits.
600.5451 - Disability, mutual life, or health benefits.
Miscellaneous
449.25 - Business partnership property.