April 1, 2017
The state treasurer adjusted Michigan’s exemption dollar amounts in accordance with inflation. This exemption adjustment occurs every three years and is set to occur again on April 1, 2020. The following amounts have changed:
- Household goods, furniture, utensils, books, appliance, and jewelry, not to exceed a total of $3,825 for all items.
- Crops, farm animals, and feed for the animals, up to $2,550.
- Motor vehicle, up to $3,525.
- Tools of the trade, up to $2, 550.
- Homestead exemption to $38,225 or $57,350 if you are 65 years old or disabled.
Exemption amounts for the following assets remain unchanged:
- Household goods, not to exceed $600 per individual item.
- Pew, up to $650.
- Pets, up to $650
- Computer, up to $650.
You’ll find more information on the Michigan Department of Treasury’s website and can read about all of Michigan’s exemptions in Michigan Bankruptcy Exemptions.
Effective date: April 1, 2017