Michigan Homestead Exemption:

In general terms, a homestead for purposes of a Michigan bankruptcy case is the primary residence of the debtor. 16 states allow the election of either state statutory allowances for homestead values, or the federal exemption provided by 11 U.S.C. 522 which limits homestead values to $18,450 in equity under current amendments.

NOTICE OF AMENDED FORMS AND AUTOMATIC ADJUSTMENTS TO DOLLAR AMOUNTS: On April 1, 2004, automatic adjustments to the dollar amounts stated in various provisions of the Code will become effective in Michigan Bankruptcy Courts. The new dollar amounts will apply to cases filed after the effective date. These amended dollar amounts will affect the eligibility of a debtor to file under Chapter 13 of the Code, certain maximum values of property that a debtor may claim as exempt, the maximum amount of certain claims entitled to priority, the minimum aggregate value of claims needed to commence an involuntary petition, and the value of luxury foods and services deemed to be nondischargeable. The Michigan Bankruptcy Courts will adopt new forms to incorporate these changes beginning April 1, 2004.

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