Running Your Business
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Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Michigan.
Homestead: Real estate to $35,500 ($53,925 if 65 or disabled). Property cannot exceed 1 lot or 40 acres rural. Property held as tenancy by entirety exempt against debt of only one spouse. Spouse or child of deceased owner may claim exemption.
Pensions and Retirement Benefits: Funds exempt for ERISA-qualified plans, firefighters, police officers, legislators, public school employees and state employees. IRA exemptions for conventional, Roth, education, SEP and SIMPLE plans. IRAs limited to contributions that were made more than 120 days before filing, and limited to tax-deductible contributions for non-Roth IRAs. Roth IRAs and regular IRAs up to $1,095,000 per person.
Insurance: Life, endowment or annuity proceeds if cannot be used to pay beneficiary's creditors. Life or endowment proceeds if beneficiary is insured's spouse or child. Life insurance proceeds if beneficiary is married. Fraternal society benefits. Disability, mutual life or health benefits.
Personal Property: Building and loan association shares up to $1,075 par value, in lieu of homestead. Burial place, church pew, clothing. Family pictures, appliances, books and household goods, up to $3,525 total. Food and fuel for 6 months. Motor vehicle up to $3,250.
Tools of Trade: Tools, implements, stock, motor vehicle or other items that enable the debtor to carry on his business up to $2,350.
Miscellaneous: Business partnership property.
Wages: Head of household debtors may exempt 60% of weekly wages (but not less than $15.00 per week) plus $2.00 per dependent other than spouse. Other debtors may exempt 40% of weekly wages (not less than $10.00 per week).
Public Benefits: Veteran's benefits. Workers' compensation. Unemployment compensation. AFDC. Crime victim's compensation. Social welfare benefits.
Wild Card: None.