Michigan Bankruptcy Laws - Personal Property:
Michigan Compiled Laws Section 600.6023 provides, in part, that the following items of personal property are exempt: 1) Appliances, utensils, books, furniture & household goods to $1000 total, 2) Building & loan association shares to $1000 par value, in lieu of homestead, 3) Burial plots, cemeteries; church pew, slip, seat, 4) Clothing; family pictures, 5) 2 cows, 100 hens, 5 roosters, 10 sheep, 5 swine; hay & grain to last 6 months if you're a head of household, and 6) Food & fuel to last 6 months if you're a head of household.
Operation of Michigan bankruptcy laws with the Code:
Pursuant to 11 U.S.C. 522(a)(2), "value'' means the fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after filing, the date property becomes property of the estate. Also, 11 U.S.C. 522(e) - non-enforceability of waivers - provides a waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt . . . and a waiver by the debtor of a power . . . to avoid a transfer . . . of exempt property . . . or to recover property or to preserve a transfer, is unenforceable in a case under this title.
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