Michigan SB1138 modifies bankruptcy exemptions, adjusting values based on the consumer price index and home price index.
Michigan SB1138 amends the state's civil procedure law to modify bankruptcy exemptions. It adjusts the exemption values based on the consumer price index and home price index, ensuring they reflect changes in the cost of living. The bill specifies exemptions for various types of property, including homesteads, retirement accounts, and personal belongings. It also outlines conditions under which certain exemptions do not apply, such as to liens obtained through legal processes. The adjusted values apply to bankruptcy cases filed after the effective date of the amendatory act.
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