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
- 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.
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.
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.
161 Ottawa NW Suite 404
Grand Rapids, MI 49503
GRAND RAPIDS BANKRUPTCY TOPICS: