State of Michigan Economy:
Michigan’s economy is anchored by the manufacturing, tourism and agriculture industries.
Michigan Bankruptcy Court Locations:
Eastern District of Michigan:
111 First St.
Bay City, MI 48708
211 West Fort Street
Detroit, Michigan 48226
226 West Second Street
Flint, Michigan 48502
Western District of Michigan:
US Bankruptcy Court
1 Division Ave N, Room 200
Grand Rapids, MI 49503
202 West Washington Street, 3rd Floor
Marquette, MI 49855
410 West Michigan, Room 114
Kalamazoo, MI 49007
315 West Allegan Street, Room 101
Lansing, MI 48933
Logan Place West
3249 Racquet Club Drive
Traverse City, MI 49684
Commonly-Used Michigan Bankruptcy Exemptions
⦁ Homestead. Equity up to $40,475. If you are over 65 or disabled, the limit increases to $60,725. The surviving spouse of the owner can claim the exemption. (600.5451(1)(m),(o).)
⦁ Motor vehicle. Equity in one vehicle up to $3,725. (600.5451(1)(g).)
⦁ Household goods and personal property. Household goods such as furniture, utensils, books, appliances, and jewelry valued up to $625 per item and $4,050 total (600.5451(1)(c)); all clothing, other than furs (600.5451(1)(a)(iii)); $700 in a seat, pew, or slip (600.5451(1)(d)); $2,700 in farm animals, feed, and crops. $700 in household pets (600.5451(1)(f)); $700 in a computer and accessories (600.5451(1)(h)); all family pictures (600.5451(1)(a)(i)).
⦁ Pension and retirement accounts. Most pension and retirement accounts are completely protected. Most individual retirement accounts and annuities, as well as ERISA-qualified pension, profit-sharing, and stock bonus plans, are fully protected except for amounts contributed within the 120 days before filing for bankruptcy (600.5451(1)(j)(k)); traditional, simple, or Roth IRAs are protected up to a particular dollar amount (for the most recent figure, see ⦁ Your Retirement Plan in Bankruptcy) (11 U.S.C. § 522(b)(3)(C)(n)).
⦁ Wages. Up to 60% of earned but unpaid wages for the head of household or $15 per week plus $2 per week for each dependent other than the spouse. Others can protect up to 40% or $10 per week. (600.5311.)
⦁ Insurance benefits. Fully protected regardless of the amount (500.2207); benefits paid on behalf of an employer (500.2210); benefits paid by any stock, mutual life, health, or casualty insurance (600.5451(1)(j)).
⦁ Public benefits. Crime victims’ compensation (18.362); unemployment compensation (421.30); Korean War veterans’ benefits (35.977); Vietnam War veterans’ benefits (35.1027); welfare benefits (400.63); worker’s compensation benefits (418.821).
⦁ Tools of the trade. Up to $2,700 in tools, implements, materials, and other items necessary to carry on your profession, trade, occupation, or business (600.5451(1)(i)).