Michigan Bankruptcy Exemptions

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)

1 motor vehicle

$3,250

Mich. Comp. Laws § 600.5451(1)(g)

Wages earned yet unpaid

60% if a householder with a family (40% if not)

Mich. Comp. Laws § 600.5311

Insurance proceeds in hands of insurer

100%

Mich. Comp. Laws § 500.4054

Life insurance benefits

100%

Mich. Comp. Laws § 500.2209

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)

Employer-sponsored trust funds of life insurance benefits

100%

Mich. Comp. Laws § 500.2210

Proceeds and avails of life insurance policies payable to spouse or children, if so provided in policy

100%

Mich. Comp. Laws § 500.2207 & 2209

Fraternal Benefit Society benefits

100%

Mich. Comp. Laws § 500.8181

Disability insurance payments

100%

Mich. Comp. Laws § 600.5451(1)(j)

Wearing apparel

100%

Mich. Comp. Laws § 600.6023(1)(a)

Burial grounds

100%

Mich. Comp. Laws § 128.112

Family pictures

100%

Mich. Comp. Laws § 600.6023(1)(a)

Shares of mutual building and loan association

par value of $1000

Mich. Comp. Laws § 600.6023(1 )(g)

1 computer and accessories

$600

Mich. Comp. Laws § 600.5451(1)(h)

10 sheep, 2 cows, 5 swine, 100 hens, 5 roosters plus 6 months of feed

100%

Mich. Comp. Laws § 600.6023(1)(d)

Household pets

$600

Mich. Comp. Laws § 600.5451(1)(f)

Cemetery lot, tomb, and rights of burial

100%

Mich. Comp. Laws § 600.6023(1)(c)

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)

Seat, pew, or slip in place of worship

100%

Mich. Comp. Laws § 600.6023(1)(c)

Seat, pew or slip in place of worship

$600

Mich. Comp. Laws § 600.5451(1)(d)

Household goods, furniture, utensils, books and appliances

$1,000

Mich. Comp. Laws § 600.6023(1)(b)

Household goods, furniture, utensils, books and appliances

$500 each ($3,525 aggregate)

Mich. Comp. Laws § 600.5451(1)(c)

Six months’ supply of provisions and fuel

100%

Mich. Comp. Laws § 600.6023(1)(a)

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)

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)

Qualified pension, profit sharing, or stock bonus plans

100%

Mich. Comp. Laws § 600.5451(1)(m)

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)

Police and Firemen's pension benefits

100%

Mich. Comp. Laws § 38.559

State employees' retirement benefits

100%

Mich. Comp. Laws §§ 38.408, 38.1683

Public school employees' pension benefits

100%

Mich. Comp. Laws §§ 38.13468, 38.1683

Legislative retirement benefits

100%

Mich. Comp. Laws §§ 38.10578, 38.1683

Judges' retirement benefits

100%

Mich. Comp. Laws §§ 38.2308, 38.1683

State police retirement benefits

100%

Mich. Comp. Laws § 38.1643

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 debtor's trade, including an automobile

$1,000

Mich. Comp. Laws §600.6023(1)(e)

Arms and accoutrements required by law to be kept by any person

100%

Mich. Comp. Laws §600.6023(1)(a)

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)

Unemployment compensation

100%

Mich. Comp. Laws § 421.30

Workmen's compensation benefits

100%

Mich. Comp. Laws § 418.821

Social welfare benefits

100% (subsidized rental housing claims excepted)

Mich. Comp. Laws § 400.63

Crime victim’s compensation

100%

Mich. Comp. Laws § 18.362

Family support subsidy payments

100%

Mich. Comp. Laws §330.1158a

Ex-servicemens' benefits

100%

Mich. Comp. Laws §§ 35.1027, 35.926, 35.977

Tenancy by entirety against joint debt

100%

Mich. Comp. Laws § 600.6023a

Proceeds from sales of milk or cream

40%

Mich. Comp. Laws §600.4031

Deposits with state treasurer under Michigan Vehicle Code

100%

Mich. Comp. Laws § 257.524

Homestead

$3,500

Mich. Comp. Laws § 600.6023(1)(h)

Specific partnership property

100% of partner's interest

Mich. Comp. Laws § 449 25(2)(c)

Homestead of deceased homestead owner if surviving spouse is not a homestead owner

100%

Mich. Comp. Laws § 600.5451(1)(p)

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)