Michigan Bankruptcy Laws - Insurance and Benefits:
Michigan Compiled Laws Section 600.6023 provides, in part, that the following items of personal property are exempt: 1) Disability, mutual life or health benefits, 2) Fraternal benefit society benefits, and 3) Life, endowment or annuity proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors.
Operation of Michigan bankruptcy laws with the Code:
According to 11 U.S.C. 522(l) The debtor shall file a list of property that the debtor claims as exempt under subsection (b) of this section. If the debtor does not file such a list, a dependent of the debtor may file such a list, or may claim property as exempt from property of the estate on behalf of the debtor. Unless a party in interest objects, the property claimed as exempt on such list is exempt. The trustee, creditors, an interested party, or the Michigan bankruptcy court upon it's own motion, may file an objection to exemptions designated within a debtor's schedule. Denial requires notice to debtors and hearing.
Back toMichigan Bankruptcy Laws.
|
