Legal Question in Bankruptcy in Michigan
I want to know if there are ways to protect my home before I file for bankruptcy? i know the Homestead Declaration in Mich is only $3,500
2 Answers from Attorneys
The homestead exemption under the state bankruptcy-specific exemptions are higher. Mcl 600.5451. The federal homestead exemption is higher. 11USC 522(d)(1). Exemption law is complex and I cannot tell the whole story here. You should consult a bankruptcy attorney if you have property to protect in bankruptcy.
The Federal exemption law is over $20,000. You can use that, but you have to use Federal exemptions on everything. You can't use a mix. If your house is worth more than that and you're NOT married, you'd better file a Chapter 13 - either way, consult a lawyer. You don't want to risk losing your home by saving a few bucks.
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