Michigan Bankruptcy Laws are the specific set of laws that have been designed to deal the bankruptcy cases for the individuals and businesses residing in the state of Michigan.
Properties Exempted Under Michigan Bankruptcy Laws
Following are some of the properties and their values that are exempted as per the Michigan Bankruptcy Laws.
•Residential properties up to $3500
•Personal properties including utensils, furniture, books and other household appliances – up to the value of one thousand dollars as a whole
•Insurance policies that are exempted include health benefits, society benefits, etc.
•Pension funds that are exempted include ERISA-qualified benefits, IRAs etc.
•Following are some of the individuals who pension funds are exempted as per the Michigan Bankruptcy Laws.
◦Public school employees
◦Police officers
◦State employees
◦Legislators
◦Judges, including Probate Judges
◦Firefighters, etc
•Tools of trade – up to one thousand dollars
•All types of clothing and family pictures are included in the exemption
•Wild card, however is not exempted under the Michigan Bankruptcy Laws
•You can keep all the properties that are exempted as per the Michigan Bankruptcy Laws.
Important Points Regarding The Michigan Bankruptcy Laws
Following are some of the other points that you need to know regarding the Michigan Bankruptcy Laws.
•If you do not want to use the exemptions as described in the Michigan Bankruptcy Laws, the same law also allows you the liberty to choose the federal exemptions statutes.
•Married couples are allowed to file the court petition for any kind of bankruptcy jointly and they can claim a complete set of exemptions individually, but they are supposed to mention it in the bankruptcy forms while they are filing bankruptcy.
•If you want to keep a property that is non-exempted, you will have to pay the value of that specific property to the trustee appointed by the bankruptcy court to handle your specific bankruptcy case.