Has State Opted out of Federal Bankruptcy Exemptions? No

MICHIGAN

Has state opted out of federal bankruptcy exemptions? No.

Is opt out limited to residents or domiciliaries of the state? Not

applicable.

Do state’s exemptions have extraterritorial application?

Homestead: Uncertain.

Personal property: Uncertain.

Wages: Mich. Comp. Laws § 600.5311.

Scope: Wages.

Amount: Householders may exempt 60% of weekly wages, but not

less than $15 per week, and an extra $2 per week per dependent

other than a spouse. Other debtors may exempt 40% of weekly

wages, but not less than $10 per week.

Survival after payment/deposit: Not specified in exemption statute.

Waiver: Not specified in exemption statute.

Homestead: Mich. Const. art. X, § 3; Mich. Comp. Laws

§§ 559.214, 600.6022 through 600.6024, 600.6027.

Amount: $3500 not exceeding 40 acres rural or one lot inside city,

town, or village, subject to certain liens; an equity of redemption

as described in Mich. Comp. Laws § 600.6060. Condominiums

occupied as residence explicitly included.

Procedural requirements: If homestead has not been platted and

set apart, debtor may designate at time of levy.

Special provisions: After owner’s death, exemption protects surviving

spouse and minor children.

Waiver: Not specified in exemption statute.

Tangible personal property: Mich. Const. art. X, § 3; Mich.

Comp. Laws § 600.6023.

Household goods: $1000 household furniture, utensils, books, and

appliances; six months of provisions and fuel; certain farm animals;

six months supply of feed; tools of trade; certain disability

benefits and retirement accounts.

Motor vehicles: Not specified.

Tools of trade: $1000 tools, materials, stock, vehicle for principal

business or profession; for householder, certain livestock and feed.

Clothing and jewelry: All clothing.

Miscellaneous and wildcard: All family pictures; all arms required

by law to be kept; a pew.

Waiver: Not specified in exemption statute.

Benefits, retirement plans, insurance, judgments, and other intangibles:

Mich. Comp. Laws § 600.6023.

Public benefits: Not specified in exemption statute. See Mich.

Comp. Laws § 400.63 (assistance provided under Social Welfare

Act is exempt).

Pensions, retirement plans, and annuities: Certain pensions and

tax qualified plans, including rollovers (except as to contributions

made on eve of bankruptcy or claims for family support).

Insurance, judgments, or other compensation for injury: Insurance

benefits paid or payable for illness or disability.

Bank accounts: Householder may claim $1000 in savings and

loan, if no homestead claimed.

Alimony, child support: Not specified in exemption statute.

Survival after payment or deposit: Not specified in exemption

statute.