GRAND RAPIDS MICHIGAN BANKRUPTCY ATTORNEY - EXEMPTIONS

When you are facing financial problems and have questions about your bankruptcy options and exemptions (What I get to keep after bankruptcy) in the Grand Rapids area, it is important to have the representation of a good bankruptcy attorney. Krupp Law Offices P.C. has been providing quality bankruptcy representation for over 85 years. If you are facing financial problems, call the bankruptcy attorneys at Krupp Law Offices P.C. for a free phone consultation. During your phone consultation, our attorneys will provide you with immediate answers to your questions and schedule an appointment with one of our bankruptcy attorneys. Call Krupp Law Offices P.C. at 616-459-6636.

BANKRUPTCY - FEDERAL EXEMPTIONS

Under the bankruptcy code, certain property is exempt. This means a debtor may keep this property and still go through bankruptcy. This property is kept by the debtor and the creditors cannot take the property. Under Chapter 13 Bankruptcy, you can still keep property that exceeds your exemptions if you pay the same value into the plan (what you exceed in exemptions). Specifically, the bankruptcy code has federal exempts:

Equity in the debtor’s primary residence up to $21,625 per person. "d(1) exemption"

Equity in a motor vehicle up to $3,450.00 "d(2) exemption"

Household goods up to a value of $11,525.00 "d(3) exemption"

Jewelry up to $1,450.00. "d(4) exemption"

Exemptions for tools up to $2,025, "d(6) exemption"

Life insurance values up to $11,525.

Miscellaneous exemption in any property the debtor wishes up to $1450.00. In addition, up to $11,525.00 of unused exemption in a debtor's primary residence can be used as a general exemption. As a result, an individual who does not own a residence may exempt up to $11,525.00 in any property they wish in addition to the general $1075.00 exemption."d(5) exemption"

Typically all retirement accounts.

All of the above exemptions are doubled for a married couple.

UPDATED 2013

In addition to the above, the State of Michigan has "state exemptions" that can be used rather than federal exemptions. There are some advantages in taking the Michigan exemptions if you have extensive house equity or own a home as a married couple with only one party filing bankruptcy and very little other assets.

GRAND RAPIDS MICHIGAN BANKRUPTCY LAWYERS

If you are facing financial problems, a good bankruptcy attorney is not optional, it is a requirement! Our bankruptcy attorneys can answer your questions with straight talk. Having the right bankruptcy attorney on your side can relieve your stress during difficult financial times. Our bankruptcy attorneys have over 85 years of bankruptcy experience. We can provide you with excellent bankruptcy representation.

Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right bankruptcy attorney for you. We represent clients in all bankruptcy matters throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, Muskegon, and Ionia.

Our office can help.

KRUPP LAW OFFICES PC

161 Ottawa NW Suite 201

Grand Rapids MI 49503

616-459-6636 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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LINKS: BANKRUPTCY GENERALLY