Michigan Bankruptcy Exemptions

On this page you can find all of the exemptions for Michigan. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Homestead (can not exceed 40 acres of rural land and buildings or one lot with building in village, town or city)
$35,300 (can be claimed by any Michigan resident who owns and occupies a house, whether or not he owns the land) ($52,925 if elderly or disabled)
Mich. Comp. Laws § 600.5451(1)(n)
Motor Vehicle
1 motor vehicle
$3,250
Mich. Comp. Laws § 600.5451(1)(g)
Wages / Wage Garnishment
Wages earned yet unpaid
60% if a householder with a family (40% if not)
Mich. Comp. Laws § 600.5311
Insurance
Insurance proceeds in hands of insurer
100%
Mich. Comp. Laws § 500.4054
Insurance
Life insurance benefits
100%
Mich. Comp. Laws § 500.2209
Insurance
Money paid by any stock or mutual life or health or casualty insurance company on account of disability due to injury or sickness of any person
100%
Mich. Comp. Laws § 600.6023(1 )(f)
Insurance
Employer-sponsored trust funds of life insurance benefits
100%
Mich. Comp. Laws § 500.2210
Insurance
Proceeds and avails of life insurance policies payable to spouse or children, if so provided in policy
100%
Mich. Comp. Laws § 500.2207 & 2209
Insurance
Fraternal Benefit Society benefits
100%
Mich. Comp. Laws § 500.8181
Insurance
Disability insurance payments
100%
Mich. Comp. Laws § 600.5451(1)(j)
Personal Property
Wearing apparel
100%
Mich. Comp. Laws § 600.6023(1)(a)
Personal Property
Burial grounds
100%
Mich. Comp. Laws § 128.112
Personal Property
Family pictures
100%
Mich. Comp. Laws § 600.6023(1)(a)
Personal Property
Shares of mutual building and loan association
par value of $1000
Mich. Comp. Laws § 600.6023(1 )(g)
Personal Property
1 computer and accessories
$600
Mich. Comp. Laws § 600.5451(1)(h)
Personal Property
10 sheep, 2 cows, 5 swine, 100 hens, 5 roosters plus 6 months of feed
100%
Mich. Comp. Laws § 600.6023(1)(d)
Personal Property
Household pets
$600
Mich. Comp. Laws § 600.5451(1)(f)
Personal Property
Cemetery lot, tomb, and rights of burial
100%
Mich. Comp. Laws § 600.6023(1)(c)
Personal Property
10 sheep, 2 cows, 5 swine, 100 hens, 5 roosters, and a six-month supply of feed
$2,350
Mich. Comp. Laws § 600.5451(1)(e)
Personal Property
Seat, pew, or slip in place of worship
100%
Mich. Comp. Laws § 600.6023(1)(c)
Personal Property
Seat, pew or slip in place of worship
$600
Mich. Comp. Laws § 600.5451(1)(d)
Personal Property
Household goods, furniture, utensils, books and appliances
$1,000
Mich. Comp. Laws § 600.6023(1)(b)
Personal Property
Household goods, furniture, utensils, books and appliances
$500 each ($3,525 aggregate)
Mich. Comp. Laws § 600.5451(1)(c)
Personal Property
Family pictures, legally required arms and accoutrements, wearing apparel, 6 months’ provisions and fuel, and family burial site, and professionally prescribed health aids
100%
Mich. Comp. Laws § 600.5451(1)(a) & (b)
Personal Property
Six months’ supply of provisions and fuel
100%
Mich. Comp. Laws § 600.6023(1)(a)
Pensions / Retirement Accounts
Pension, profit-sharing, stock bonus, or other plan qualified under IRC 401 or 403(b)
100% except for any amount contributed within 120 days before filing bankruptcy (Child support and maintenance claims excepted)
Mich. Comp. Laws § 600.6023(1 )(1)
Pensions / Retirement Accounts
Qualified pension, profit sharing, or stock bonus plans
100%
Mich. Comp. Laws § 600.5451(1)(m)
Pensions / Retirement Accounts
IRA or annuity qualified under IRC 408 or 408a
100% of permitted exemption under 11 USC 522(b)(2) except for any amount contributed within 120 days before filing bankruptcy(child support and maintenance claims excepted)
Mich. Comp. Laws § 600.6023(l)(k)
Pensions / Retirement Accounts
Police and Firemen's pension benefits
100%
Mich. Comp. Laws § 38.559
Pensions / Retirement Accounts
State employees' retirement benefits
100%
Mich. Comp. Laws §§ 38.408, 38.1683
Pensions / Retirement Accounts
Public school employees' pension benefits
100%
Mich. Comp. Laws §§ 38.13468, 38.1683
Pensions / Retirement Accounts
Legislative retirement benefits
100%
Mich. Comp. Laws §§ 38.10578, 38.1683
Pensions / Retirement Accounts
Judges' retirement benefits
100%
Mich. Comp. Laws §§ 38.2308, 38.1683
Pensions / Retirement Accounts
State police retirement benefits
100%
Mich. Comp. Laws § 38.1643
Pensions / Retirement Accounts
Individual retirement account or annuity, or pension plan qualified under I.R.C.
100% of qualified amounts, except contributions made within 120 days of filing
Mich. Comp. Laws § 600.5451(1)(l)
Tools of the Trade
Tools of debtor's trade, including an automobile
$1,000
Mich. Comp. Laws §600.6023(1)(e)
Tools of the Trade
Arms and accoutrements required by law to be kept by any person
100%
Mich. Comp. Laws §600.6023(1)(a)
Tools of the Trade
Tools, implements, materials, stock, apparatus, team, horses, harness, etc. and motor vehicle necessary to carry on principal trade, business or profession of debtor
$2,350
Mich. Comp. Laws § 600.5451(1)(i)
Public Benefits
Unemployment compensation
100%
Mich. Comp. Laws § 421.30
Public Benefits
Workmen's compensation benefits
100%
Mich. Comp. Laws § 418.821
Public Benefits
Social welfare benefits
100% (subsidized rental housing claims excepted)
Mich. Comp. Laws § 400.63
Public Benefits
Crime victim’s compensation
100%
Mich. Comp. Laws § 18.362
Public Benefits
Family support subsidy payments
100%
Mich. Comp. Laws §330.1158a
Public Benefits
Ex-servicemens' benefits
100%
Mich. Comp. Laws §§ 35.1027, 35.926, 35.977
Miscellaneous
Homestead of deceased homestead owner if surviving spouse is not a homestead owner
100%
Mich. Comp. Laws § 600.5451(1)(p)
Miscellaneous
Building and loan association shares
$1,175 at par value (cannot be claimed if homestead exemption is claimed)
Mich. Comp. Laws § 600.5451(1)(k)
Miscellaneous
Tenancy by entirety against joint debt
100%
Mich. Comp. Laws § 600.6023a
Miscellaneous
Proceeds from sales of milk or cream
40%
Mich. Comp. Laws §600.4031
Miscellaneous
Deposits with state treasurer under Michigan Vehicle Code
100%
Mich. Comp. Laws § 257.524
Miscellaneous
Homestead
$3,500
Mich. Comp. Laws § 600.6023(1)(h)
Miscellaneous
Specific partnership property
100% of partner's interest
Mich. Comp. Laws § 449 25(2)(c)

If you want to learn more about filing bankruptcy in Michigan please visit our FAQ Page or for more information about Michigan you can visit the Michigan section.