Michigan Bankruptcy

Get Details from a Michigan Bankruptcy Lawyer

If you live in Grand Rapids, Port Huron or somewhere else in Michigan and are have been considering filing Chapter 7 bankruptcy, you may want to find our about the state’s bankruptcy exemptions. A Michigan Chapter 7 bankruptcy lawyer can fill you in about the bankruptcy process and help you find out which of your assets may be exempt from Chapter 7 liquidation.

We’ll connect you with a local Michigan bankruptcy lawyer—for no charge and with no obligation.

Filing Chapter 7 Bankruptcy in Michigan

The terms “Chapter 7 bankruptcy” and “liquidation” are sometimes used interchangeably. Liquidation means that the bankruptcy trustee may examine and sell a debtor’s non-exempt assets in order to repay a portion of his or her unsecured debts

But don’t panic–most people who file Chapter 7 bankruptcy don’t own any non-exempt assets. When there is no non-exempt property in a bankruptcy case, there is nothing for the trustee to sell and therefore no liquidation.

Bankruptcy exemptions vary from state to state, so be sure to check out the below Michigan bankruptcy information.

Michigan Bankruptcy Exemptions

The following provides basic information about Michigan Chapter 7 exemptions. To get more detailed information about your particular case, contact a Michigan bankruptcy attorney.

As your Michigan Chapter 7 bankruptcy lawyer can explain to you in more detail, important Chapter 7 bankruptcy exemptions in the state include:

Homestead:

  • $30,000 for your residence.
  • $45,000 if debtor is 65-years-old or older or disabled.

Wages:

  • Up to 60 percent of wages, but not less than $15 per week, for householders with family.
  • Up to 40 percent of wages, but not less than $10 per week, for anyone else.

Vehicles: Up to $2,775 for one vehicle.

Personal Property:

  • 100 percent of family pictures, clothing, fuel for six months, burial plots, health aids.
  • Up to $450 per item, with a total value of no more than $3,000, for household goods, furniture, utensils, books and appliances.
  • $500 in value of a church pew.
  • $2,000 in value of crops, farm animals and feed.
  • $500 in value of household pets.
  • $500 in value of one computer and accessories.
  • $2,000 in value of tools, implements, materials and other things to enable a person to carry on a profession.
  • 100 percent of worker’s compensation, unemployment and ex-servicemen’s benefits.
Chapter 7 bankruptcy can help you regain control of your debt so you can get on with your life.

Questions? Talk to a Michigan Chapter 7 Bankruptcy Lawyer

Michigan Chapter 7 bankruptcy exemptions can sometimes cause confusion. A Michigan  bankruptcy lawyer can discuss how they could play a part in your Chapter 7 bankruptcy case.

It’s simple to get in touch with a Michigan Chapter 7 bankruptcy lawyer. Simply complete the above bankruptcy form or call us at 877-226-6844 and we’ll quickly connect you with a local Michigan Chapter 7 bankruptcy lawyer.

Make the first move and contact us today.

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Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.

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