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bank account/savings exempt ??

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    bank account/savings exempt ??

    Currently in the process of filing bankruptcy,how much money is exempt from my savings account ? I live in Michigan
    Filing BK 2/12/2008

    #2
    Are you filing pro se (without a lawyer) or with a lawyer?

    Here's a link to the Michigan exemptions - http://www.bankruptcyinformation.com/MI_exemp.htm . Looks like you can keep "60% of earned but unpaid wages for head of household; else 40$; head of household may keep at least $15 per week plus $2 per week per non-spouse dependent; other may keep at least $10 per week."

    Luckily in Michigan you can elect to use the more generous federal exemptions instead - here's a link to those - http://www.bankruptcyinformation.com/exemp-fed.htm . The federal exemptions allow you to keep $925 of any property plus up to $8,725 of unused homestead exemption, for any property. Also you can keep "personal injury recoveries to $17,425 (not to include pain and suffering or pecuniary loss)."

    If you haven't met with a bk lawyer yet, now's the time to make 3-4 free or low cost initial consultations with 3-4 in your area. Even if you plan to file without a lawyer, you can learn a great deal about what's going to be possible to do in your case and what's not.

    I highly recommend that you talk with several bk lawyers before making a final decision to file. Once you take the plunge and file the papers with the court, there's no going back. It's a great deal easier (and much less expensive!) to prevent problems before filing than deal with them after filing.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Thank you so much & I am filing with a lawyer
      Filing BK 2/12/2008

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        #4
        Thanks for this info. We are in MI and meeting with an attorney this afternoon. I want to get our plan together and get this started so we can get it behind us!
        Filed Aug. 5, 2008
        341 Meeting Sept. 17th, 2008
        Discharged 11/18/2008
        Case Closed 11/21/2008

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          #5
          Filed: 03/31/08 341: 05/15/08 Discharge: 07/15/08
          Do yourself a favor. Check everything I say with a bankruptcy attorney. Most attorneys will even provide a free initial consultation. In fact, it's your life, so check everything anyone says (including your attorney) for yourself!

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