Michigan HB6229 modifies bankruptcy exemptions, increasing values and adjusting for inflation.

Michigan HB6229 amends the state's bankruptcy exemptions, increasing the allowable value of certain properties and assets that debtors can protect from creditors. The bill raises the exemption limit for a debtor's homestead, tools of trade, and personal property, among others. It also introduces adjustments for inflation every three years, based on changes in the consumer price index. These changes apply to bankruptcy cases filed after the effective date of the amendatory act.

Michigan HB6229 modifies bankruptcy exemptions, increasing values and adjusting for inflation.

Michigan HB6229 amends the state's bankruptcy exemptions, increasing the allowable value of certain properties and assets that debtors can protect from creditors. The bill raises the exemption limit for a debtor's homestead, tools of trade, and personal property, among others. It also introduces adjustments for inflation every three years, based on changes in the consumer price index. These changes apply to bankruptcy cases filed after the effective date of the amendatory act.