In an unexpected decision, the 6th Circuit Court of Appeals upheld Michigan’s exemption law that was enacted shortly after the 2005 Amendments to the US Bankruptcy Code. The case is In re Schafer and was recommended for full-text publication.
The State Exemption allowances now allow Michigan residents a viable alternative to the Federal Bankruptcy Exemptions.
One of the key features of the Michigan exemption allowances is that you can exempt up to $30,000 in the value (or equity) in your home – $45,000 if you are over age 65 or disabled. By contrast, the Federal bankruptcy exemptions only allow $21,625 for your homestead allowance. The Michigan general homestead allowance is only $3,500.
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