Michigan SB1138 amends bankruptcy exemptions, adjusting values and broadening categories.

Michigan SB1138 amends the state's bankruptcy exemptions, adjusting values and broadening categories. The bill modifies the exemption amounts for various properties, including homesteads, retirement accounts, and personal belongings. It also introduces new categories such as household pets and farm animals. The adjustments are tied to the consumer price index and the home price index, ensuring periodic updates. The changes apply to bankruptcy cases filed after the bill's effective date.

Michigan SB1138 amends bankruptcy exemptions, adjusting values and broadening categories.

Michigan SB1138 amends the state's bankruptcy exemptions, adjusting values and broadening categories. The bill modifies the exemption amounts for various properties, including homesteads, retirement accounts, and personal belongings. It also introduces new categories such as household pets and farm animals. The adjustments are tied to the consumer price index and the home price index, ensuring periodic updates. The changes apply to bankruptcy cases filed after the bill's effective date.