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24300 Southfield Road, Suite 210,
Southfield, Michigan 48075

What are the Federal Bankruptcy Exemptions?

  April 10th, 2020

When you file for bankruptcy in Michigan, you must own either  real property, personal property or both. For example If you own a house mean you own a real property. If you own a car, cash, checking , saving account, tools, clothing and etc  mean you own personal property. The bankruptcy code allows to exempt certain property and keep them.

WHAT EXEMPTIONS ARE OFFERED UNDER FEDERAL BANKRUPTCY LAWS?

Federal bankruptcy exemptions are generally more generous, except for the homestead and vehicle exemptions. The federal homestead exemption is only $22,975 or $45,950 for a married couple filing jointly. Likewise, the federal vehicle exemption is only $3,675, with no provision to increase the exemption for the disabled. On the other hand, the exemption for personal injury claims is much greater under the federal exemptions —$22,975 under federal law. The most attractive feature of the federal exemptions is the more generous “wildcard” exemption, which can be used to protect any asset and apply up to $11,850 to any other property.

Under federal rule, you can exempt the following:

Contact us today to determine which set of exemptions are applicable to you.

It is important for you to talk to our Detroit experienced bankruptcy attorney at BankruptcyTrack.com to determine what property will be exempt. To keep more of your property, you might want to discuss filing for Chapter 13 bankruptcy. In most cases, people who file for Chapter 7 bankruptcy have more exempt property than they realize and lose very little. To learn more contact us  today to schedule your free consultation by calling us at (248) 281-6299. or contacting us online for your free consultation.

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