Dollar Amounts for Michigan Bankruptcy Exemptions Will Increase on April 1, 2014
Every three years the Michigan state treasurer adjusts the exemption dollar amounts to take into account inflation. The latest adjustment will go into effect on April 1, 2014. If you file for bankruptcy on or after April 1, 2014, the following exemption amounts will apply to your case:
- Household goods, furniture, utensils, books, appliance, and jewelry, up to $600 per item, but not to exceed a total of $3,775 for all items. (The previous amounts were $550 and $3,525 respectively.)
- Pew in a place of worship, up to $650 (previously it was $600).
- Crops, farm animals, and feed for the animals, up to $2,525 total (previously it was $2,350).
- Pets, up to $650 (previously it was $600).
- Motor vehicle, up to $3,475 (previously it was $3,250). (Learn more about the Michigan motor vehicle exemption.)
- Computer and accessories, up to $650 (previously it was $600).
- Tools of the trade, up to $2, 525 (previously it was $2,350).
- Homestead exemption to $37,775 (previously it was $35,300) or to $56,650 if you are 65 years old or disabled (previously it was $52, 925). (Learn more about the Michigan homestead exemption.)
You can find the Michigan bankruptcy exemptions adjusted for inflation on the Michigan Department of Treasury’s website. To read about other exemptions (not all of them changed), see Nolo’s article The Michigan Bankruptcy Exemptions.