Grand Rapids Bankruptcy Attorneys and Lawyers | Bankruptcy Exemptions

GRAND RAPIDS 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 FOR A FREE PHONE CONSULTATION 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 $23,675.00 per person. "d(1) exemption"
  • Equity in a motor vehicle up to $3,775.00 "d(2) exemption"
  • Household goods up to a value of $11,525.00 "d(3) exemption"
  • Jewelry up to $1,600.00. "d(4) exemption"
  • Exemptions for tools up to $2,375.00, "d(6) exemption"
  • Life insurance values up to $12,625.00.
  • Miscellaneous exemption in any property the debtor wishes up to $1250.00. In addition, up to $11,850.00 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 $11,850 in any property they wish in addition to the general $1,250.00 exemption."d(5) exemption"
  • Typically all retirement accounts.
  • All of the above exemptions are doubled for a married couple.

UPDATED 2017

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 ATTORNEY

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.


Call for a free phone consultation.  Our office can help.

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Christian Krupp

CEO & Founder

Christian G Krupp II was born and raised in Grand Rapids, Michigan.Chris attended Michigan State University and graduated in 1988.He attended Thomas M. Cooley Law School where he was a member of law review and one of the few students that had his law review article published.Christian Krupp graduated from law school with honors in the top ten percent of his class.His legal career started and Dykema Gossett, Michigan’s largest law firm.While at Dykema, he was involved in a diverse practice groups including the corporate, finance, and legislative areas.

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Rosanne Yeaman

Creative Director

George Krupp was born in Grand Rapids, Michigan.He was admitted to practice law in 1961 and started practice in Grand Rapids, Michigan in 1962 in the Kent County Prosecutor’s Office.After years of success in the Kent County Prosecutor’s Office in Grand Rapids, Michigan, George Krupp left for private practice where he has worked for over fifty years.Over his fifty years of experience he has represented thousands of clients in civil and criminal cases.His primary concentration has been in domestic (family law / divorce cases) and criminal cases.

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