Michigan is a dual-choice state: you may elect either the Michigan bankruptcy exemptions (MCL 600.5451) or the federal exemption scheme (11 U.S.C. § 522(d))—but you can’t mix systems. The table below lists the current Michigan posted amounts (effective for cases filed on or after April 1, 2023). If you file later, confirm the caps in effect on your petition date.
| Asset / Type of Property | Exemption Description (Michigan System) | Statute / Code | Notes |
|---|---|---|---|
| Homestead (Primary Residence) | Equity up to $46,125 (standard). $69,200 if the debtor (or a dependent of the debtor) is 65+ or disabled. | MCL 600.5451(1)(n) | Effective Apr 1, 2023 (posted Michigan amounts). |
| Motor Vehicle | Equity up to $4,250 in one motor vehicle. | MCL 600.5451(1)(g) | |
| Household Goods & Furnishings | Up to $700 per item; $4,625 aggregate cap. | MCL 600.5451(1)(c) | |
| Personal Effects / Jewelry | Typically claimed within household/personal property caps under the Michigan scheme. (Michigan does not have a separate posted jewelry dollar cap like the federal scheme.) | MCL 600.5451(1)(c) | |
| Tools of the Trade | Up to $3,075 in tools, implements, materials, stock, etc., used in the debtor’s work. | MCL 600.5451(1)(i) | |
| Retirement Accounts & Benefits | Tax-qualified retirement benefits generally protected under Michigan law and federal non-bankruptcy law; IRAs recognized. Keep documentation and rollover tracing. | MCL 600.5451(1)(k)–(m); 11 U.S.C. § 522(b)(3)(C)/(d)(12) | ERISA plans typically excluded/fully protected under federal law. |
| Public Benefits (e.g., Social Security) | Core public benefits are protected under federal law; Michigan law protects many state benefits. Keep funds identifiable (avoid excessive commingling). | E.g., 42 U.S.C. § 407; see Michigan benefit statutes | |
| Wildcard | No general wildcard in Michigan’s posted bankruptcy scheme. Consider the federal wildcard (11 U.S.C. § 522(d)(5)) if you elect the federal system. | — |
This information is for educational purposes only and is not legal advice. Exemption amounts and interpretations can change. Always confirm the current Michigan caps and statutes (MCL 600.5451) and consult a licensed Michigan bankruptcy attorney before filing.