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Michigan Bankruptcy Exemptions

Federal or State Exemptions are Allowed

Tap Here for Federal Exemptions

Homestead - (if over 65 or disabled, up to $51,650)

$34,450

Wearing apparel

 

Household pets

$575

Family pictures

$6,000

Household goods

$3,450

Other personal property

$750

Motor vehicle

$2,775

One computer and accessories

$575

Crops, farm animals and feed

$2,300

Tools of trade

$2,300

An individual retirement account or individual retirement annuity as defined in section 408 of the Internal Revenue Code; and 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. (MSA 27a.6021.)

 

 

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


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