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Michigan Bankruptcy
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Michigan Bankruptcy Exemption
Homestead:
A homestead not exceeding 40 acres of land and the dwelling house and appurtenances on that homestead, and not included in any recorded plat, city, or village, or, instead, and at the option of the owner, a quantity of land not exceeding in amount 1 lot, being within a recorded town plat, city, or village, and the dwelling house and appurtenances on that land, owned and occupied by any resident of this state, not exceeding in value $3,500.00.
Building and Loan Association shares to $ 1000 par value, in lieu of homestead. Professional tools and motor vehicle: Equipment, inventory, farm products and motor vehicle used in business of debtor or dependent exempted up to the extent of $ 1,000. Necessary wearing apparels: Cloths and dresses including wedding rings but no other jewelry exempted up to the extent of $ 1,000. Household goods: Household goods and furniture, any personal property held primarily for the debtor himself/herself or any dependent up to the extent of $ 2,000. Household Furniture: Household goods, appliances, books and necessary utensils are exempted up to the extent of $ 1,000. Wages: 60% of disposable earnings. Husbandry: 2 cows, 100 hens, 5 roosters, 10 sheep, 5 swine; hay & grain to last 6 months if you're a head of household. Food: Food & fuel to last 6 months. Total or Absolute Exemptions for:
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