What Property Can I Keep – Exemptions (Federal and State)

You are here: Home » What Property Can I Keep – Exemptions (Federal and State)

Under bankruptcy law, creditors and the trustee cannot take everything you own when you file for bankruptcy.  Certain amounts of property and real estate are exempt for the reach of the creditors.  The exemptions are adjusted for inflation every year.  Also, you can choose either federal or state exemptions (the one that benefits you the best).  The main federal exemptions are as follows (exemptions are doubled for a married couple):

FEDERAL EXEMPTIONS:

1.  House Equity (value less debt) – 22,975.00 dollars.

2.  Car Equity- 3,675.00 dollars.

3.  Household Goods and Furniture- 12,250.00 dollars.

4.  Jewelry- 1,550.00 dollars.

5.  Tools for work or trade- 2,300.00 dollars.

6.  Anything you want- 11,500.00 dollars.

7.  Retirement Accounts (401(k), IRA, Pension, Social Security Benefits).

8.  Social Security Disability, Worker’s Compensation Benefits, Unemployment Benefits.

9.  Child Support and Spousal Support

STATE OF MICHIGAN EXEMPTIONS:

There are state specific exemptions.  Sometimes the state exemptions are more beneficial.   The main state exemptions are as follows:

1.  House Equity (value less debt) – 30,000.00 dollars (45,000.00 if you are over 65 years old).  Homestead Exemption- 100% if you file and your spouse doesn’t and the property is owned by both.

2.  Car Equity- 2,775.00 dollars.

3.  Household Goods and Furniture- 3,000.00 dollars.

4.  Jewelry- (included in household goods)

5.  Tools for work or trade- 2,000.00 dollars.

6.  Anything you want- 11,500.00 dollars.

7.  Retirement Accounts (401(k), IRA, Pension, Social Security Benefits).

8.  Social Security Disability, Worker’s Compensation Benefits, Unemployment Benefits.

9.  Child Support and Spousal Support.

*State exemptions are better if you have extensive house equity.

** All exemptions are double for husband and wife.

When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options.  Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.

Call for a free phone consultation.  Our office can help.

KRUPP LAW OFFICES PC
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or Mail@krupplaw.com

Other Bankruptcy Topics

Keywords: Grand Rapids Bankruptcy Lawyer, Grand Rapids Bankruptcy Attorney, Grand Rapids Foreclosure Lawyer, Bankruptcy Attorney Grand Rapids MI, Bankruptcy Lawyer Grand Rapids MI, Bankruptcy Lawyers Grand Rapids MI, Wyoming Bankruptcy