NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions:
Homestead:
522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may be used for other property.
Personal Property:
522(d)(2) – Motor vehicle up to $3,225.
522(d)(3) – Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total.
522(d)(4) – Jewelry up to $1,350.
522(d)(5) – $1,075 of any property, and unused portion of homestead up to $10,125.
522(d)(9) – Health aids.
522(d)(11)(B) – Wrongful death recovery for person you depended upon.
522(d)(11)(D) – Personal injury recovery up to $20,200 except for pain and suffering or for pecuniary loss.
522(d)(11)(E) – Lost earnings payments.
Pensions:
522(b)(3)(C) – Tax exempt retirement accounts; IRAs and Roth IRAs up to $1,095,000 per person.
Public Benefits:
522(d)(10)(A) – Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.
522(d)(11)(A) – Crime victim’s compensation
Tools of Trade:
522(d)(6) – Implements, books and tools of trade, up to $2,025.
Alimony and Child Support:
522(d)(10)(D) – Alimony and child support needed for support
Insurance:
522(d)(7) – Unmatured life insurance policy except credit insurance.
522(d)(8) – Life insurance policy with loan value up to $10,775.
522(d)(10)( C ) – Disability, unemployment or illness benefits
522(d)(11)( C ) – Life insurance payments for a person you depended on, which you need for support
If you have any questions about Bankruptcy in Michigan, call the law office of Michael J Shovan PLC right now at (877) 233-9389 and speak to an attorney who can answer your questions. Michael J Shovan PLC is a debt relief agency and we help people file for bankruptcy under the laws of the United States Constitution, Article 1, Section 8.
This post is for informational purposes only and is not intended to constitute legal advice. Any relationship with this firm will be established by a written agreement signed by both you and me. If you have read this far, you need to call me at (877) 233-9389 or email me at mike@mikeshovan.com.
I can help you.
Stop the madness. Let’s put a plan together. I did it and so can you.
Do I have to give up my house and all of my other assets if I file for bankruptcy in Michigan?
NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions:
Homestead:
522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may be used for other property.
Personal Property:
522(d)(2) – Motor vehicle up to $3,225.
522(d)(3) – Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total.
522(d)(4) – Jewelry up to $1,350.
522(d)(5) – $1,075 of any property, and unused portion of homestead up to $10,125.
522(d)(9) – Health aids.
522(d)(11)(B) – Wrongful death recovery for person you depended upon.
522(d)(11)(D) – Personal injury recovery up to $20,200 except for pain and suffering or for pecuniary loss.
522(d)(11)(E) – Lost earnings payments.
Pensions:
522(b)(3)(C) – Tax exempt retirement accounts; IRAs and Roth IRAs up to $1,095,000 per person.
Public Benefits:
522(d)(10)(A) – Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.
522(d)(11)(A) – Crime victim’s compensation
Tools of Trade:
522(d)(6) – Implements, books and tools of trade, up to $2,025.
Alimony and Child Support:
522(d)(10)(D) – Alimony and child support needed for support
Insurance:
522(d)(7) – Unmatured life insurance policy except credit insurance.
522(d)(8) – Life insurance policy with loan value up to $10,775.
522(d)(10)( C ) – Disability, unemployment or illness benefits
522(d)(11)( C ) – Life insurance payments for a person you depended on, which you need for support
If you have any questions about Bankruptcy in Michigan, call the law office of Michael J Shovan PLC right now at (877) 233-9389 and speak to an attorney who can answer your questions. Michael J Shovan PLC is a debt relief agency and we help people file for bankruptcy under the laws of the United States Constitution, Article 1, Section 8.
This post is for informational purposes only and is not intended to constitute legal advice. Any relationship with this firm will be established by a written agreement signed by both you and me. If you have read this far, you need to call me at (877) 233-9389 or email me at mike@mikeshovan.com.
I can help you.
Stop the madness. Let’s put a plan together. I did it and so can you.