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

Asked on 2/15/13, 4:02 am

2 Answers from Attorneys

Thomas R. Morris Silverman & Morris, P.L.L.C.

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.

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Answered on 2/15/13, 5:09 am

Jesse Sweeney Sweeney Law Offices, P.L.L.C.

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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Answered on 2/27/13, 8:28 pm

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