Re: Advice Please!

Posted by Why Chat (209.240.198.61) on October 17, 2002 at 15:09:26:

In Reply to: Re: Advice Please! posted by JLL in Michigan on October 17, 2002 at 10:31:12:

Mich. is a State where you are allowed to use the Federal BK exemptions.I have posted the ones you are interested in below, you are OK on keeping your land.

FEDERAL BANKRUPTCY EXEMPTIONS
Title 11 U.S.C. Section 522

Married couples double, the amount, of the following  federal exemptions. 

Homestead • Real property, including co-op or mobile home, to $15,000; unused portion of homestead to $7,500 may be applied to any property 

Personal Property • Animals, crops, clothing, appliances, books, furnishaings, household goods, musical instruments to $400 per item, $8,000 total
Health Aids
Jewelry to $1,000
Lost earnings payments
Motor vehicle to $2,400
Personal injury recoveries to $15,000 (not to include pain and suffering or pecuniary loss)
Wrongful death recoveries for person you depended on 
Public Benefits Exempt • Crime victims' compensation
Public assistance
Social Security
Unemployment compensation
Veterans' benefits 
Tools of trade • Implements, books & tools of trade to $1,500 
Wages • None 

Wild Card • $800 of any property
$7,500 less any amount of homestead exemption claimed, of any property 

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