|
|
Re: Federal Retirement
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by LadynRed
(199.91.33.254) on January 03, 2003 at 12:31:22:
In Reply to: Re: Federal Retirement posted by LadynRed on January 03, 2003 at 12:05:44:
Here's the MI exemptions from the State statutes: § 85-3-1. Property exempt from seizure under execution or attachment.
There shall be exempt from seizure under execution or attachment:
(a) Tangible personal property of the following kinds selected by the debtor, not exceeding Ten Thousand Dollars ($10,000.00) in cumulative value:
(i) Household goods, wearing apparel, books, animals or crops;
(ii) Motor vehicles;
(iii) Implements, professional books or tools of the trade;
(iv) Cash on hand;
(v) Professionally prescribed health aids;
(vi) Any item of tangible personal property worth less than Two Hundred Dollars ($200.00).
Household goods, as used in this paragraph (a) means clothing, furniture, appliances, one (1) radio and one (1) television, one (1) firearm, one (1) lawn mower, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the debtor and his dependents; however, works of art, electronic entertainment equipment (except one (1) television and one (1) radio), jewelry (other than wedding rings), and items acquired as antiques are not included within the scope of the term "household goods." This paragraph (a) shall not apply to distress warrants issued for collection of taxes due the state or to wages described in Section 85-3-4.
(b) (i) The proceeds of insurance on property, real and personal, exempt from execution or attachment, and the proceeds of the sale of such property.
(ii) Income from disability insurance.
(c) All property, real, personal and mixed, for the collection or enforcement of any order or judgment, in whole or in part, issued by any court for civil or criminal contempt of said court; expressly excepted herefrom are such orders or judgments for the payment of alimony, separate maintenance and child support actions.
(d) All property in this state, real, personal and mixed, for the satisfaction of a judgment or claim in favor of another state or political subdivision of another state for failure to pay that state's or that political subdivision's income tax on benefits received from a pension or other retirement plan so used in this paragraph (d), "pension or other retirement plan" includes:
(i) An annuity, pension, or profit-sharing or stock bonus or similar plan established to provide retirement benefits for an officer or employee of a public or private employer or for a self-employed individual;
***(ii) An annuity, pension, or military retirement pay plan or other retirement plan administered by the United States; and ***
(iii) An individual retirement account.
(e) One (1) mobile home, trailer, manufactured housing, or similar type dwelling owned and occupied as the primary residence by the debtor, not exceeding a value of Twenty Thousand Dollars ($20,000.00); in determining this value, existing encumbrances on said dwelling, including taxes and all other liens, shall first be deducted from the actual value of said dwelling. A debtor is not entitled to the exemption of a mobile home as personal property who claims a homestead exemption under Section 85-3-21, and the exemption shall not apply to collection of delinquent taxes under Sections 27-41-101 through 27-41-109.
AND:
§ 85-3-3. Execution or attachment of personal property; selection of exempt property.
Where an officer shall be about to levy an execution or attachment on personal property, some of which shall be claimed as exempt, he shall demand of the defendant that he make selection of such property as is exempt to him and in reference to which he has the right of selection; and the defendant shall then and there make his selection, or, failing to do so, the officer shall make it for him, and any selection so made shall be conclusive on the defendant. Hope this helps :)
Follow Ups:
Post a Followup
|
