Bankruptcy Overview

Federal Bankruptcy Exemptions
The following federal exemptions are selected in lieu of the Michigan state exemptions. If you select this set of exemptions, you may not use any of the Michigan exemptions or the other federal exemptions that supplement the Michigan exemptions. Note that the dollar amount limits for these exemptions are adjusted upward every three years commencing April 1, 1998. 11 U.S.C. § 104(b).
 

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ASSET DESCRIPTION STATUTE
Alimony Alimony and child support needed for support 11 U.S.C. § 522(d)(10)(D)
Homestead Real property, including co-op or mobile home, to $17,425 11 U.S.C. § 522(d)(1) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Insurance Disability, illness or unemployment benefits 11 U.S.C. § 522(d)(10)(C)
Insurance Life insurance payments for person who depend on debtor, needed for support 11 U.S.C. § 522(d)(11)(C)
Insurance Life insurance policy with a loan value, in accrued dividends or interest, to $9,300 11 U.S.C. § 522(d)(8) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Insurance Unmatured life insurance contract, except credit insurance policy 11 U.S.C. § 522(d)(7)
Pensions ERISA qualified benefits needed for the support of the debtor and the debtor’s dependents 11 U.S.C. § 522(d)(10)(E)
Personal Property Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $450 per item, $9,300 total 11 U.S.C. § 522(d)(3) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Personal Property Health aids 11 U.S.C. § 522(d)(9)
Personal Property Jewelry to $1,150 11 U.S.C. § 522(d)(3) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Personal Property Lost earnings 11 U.S.C. § 522(d)(11)(E)
Personal Property Motor vehicle to $2,775 11 U.S.C. § 522(d)(2) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Personal Property Personal injury recoveries to $17,425 exclusive of pain and suffering loss 11 U.S.C. § 522(d)(11)(D) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Personal Property Wrongful death recoveries for person upon whom the debtor depended upon 11 U.S.C. § 522(d)(11)(B)
Public Benefits Crime victim compensation 11 U.S.C. § 522(d)(11)(A)
Public Benefits Public assistance 11 U.S.C. § 522(d)(10)(A)
Public Benefits Social security 11 U.S.C. § 522(d)(10)(A)
Public Benefits Unemployment compensation 11 U.S.C. § 522(d)(10)(A)
Public Benefits Veteran's benefits 11 U.S.C. § 522(d)(10)(A)
Tools of the Trade Implements, books, and tools of the trade to $1,750 11 U.S.C. § 522(d)(6) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))
Wild Card Any asset to $925 plus up to $8,725 of any unused portion of the homestead exemption pursuant to this section or 11 U.S.C. § 522(d)(1). 11 U.S.C. § 522(d)(11)(D) (dollar amounts adjusted pursuant to 11 U.S.C. § 104(b))

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