12/21/2024
Some good news for Michiganders that may need to file bankruptcy, but have not been able to because increasing house prices without a change in bankruptcy exemptions was preventing it from happening. The state house and senate have passed a new law to increase Michigan Bankruptcy exemptions, including increasing the Homestead exemption to $125,000 ($200,000 if you are 65+ or disabled), creating a wildcard exemption that does not presently exist under Michigan exemptions and exempting up to $15,000 for a vehicle, among other things. While the governor has not yet signed the bill, it is likely she will sign it. You can look at the bill here:
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