What Are the Michigan Bankruptcy Exemptions?
If you are considering filing for bankruptcy in Michigan, it is important to understand what assets are exempt from liquidation. In most cases, certain types of property can be kept by the debtor even after filing for bankruptcy. The Michigan Bankruptcy Exemptions help to provide protection and stability in difficult financial times.
Michigan has very specific laws that provide debtors with exemptions from creditor claims on certain assets including real estate, vehicles, and personal items like clothing and furniture. This means that a debtor can keep these items when filing for bankruptcy rather than having them sold off by creditors in order to pay off debts. There is also an exemption for wages earned within three months prior to the filing date which allows debtors some peace of mind during this time of transition.
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