People file for bankruptcy protection for many reasons. Some people can't control their overwhelming credit card debts. Other people can't afford to make their mortgage payment on time. Others can't afford to pay off their medical bills on time. These problems can force debtors into filing for bankruptcy because creditors often make it difficult for debtors to negotiate settlement plans.
As a result, debtors who live in Michigan and Pennsylvania should try to learn all they can about their state property exemption laws. These laws are important to know about because they can often protect personal property from their creditors. There are some important bankruptcy exemption laws that Michigan and Pennsylvania residents can use to protect their personal property.
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The most important Michigan exemption laws help people protect several important financial assets. For example, Michigan residents can use their state's bankruptcy exemption laws to protect almost any pension plan from their creditors. They can also use these laws to protect insurance benefits, and public benefits such as food stamps or SSI payments.
Michigan residents may also protect other types of personal property. For example, residents may exempt up to $1,000 worth of household appliances, furniture, books and other household items. They may also exempt up to $1,000 worth of tools that are used in for work.
Michigan residents may also exempt up to $3,500 of the equity in one's home. This exemption can be "doubled." In other words, married spouses who are filing for bankruptcy together can exempt up to $7,000 of the equity in their home. If you need help understanding this exemption more clearly, ask the local bankruptcy lawyers in your area for more details.
Furthermore, Pennsylvania's bankruptcy exemption laws also allow residents to protect retirement plans and other financial assets. Their bankruptcy exemption laws also allow residents to exempt all public assistance payments and most household items from their creditors.
Pennsylvania's bankruptcy exemption laws allow residents to exempt as much as $1,750 worth of tools that are used in their trade. The exemptions also allow residents to protect up $9,300 worth of household goods, $8,725 per person in the equity in a home, and up to $9,300 towards the cash surrender value of most life insurance policies.
These exemptions allow people to protect most of their personal belongings from their creditors. However, Pennsylvania residents may also take advantage of a "wildcard" exemption that allows them to exempt up to $9,325 worth of property that is important to them. This exemption is often used in conjunction with the motor vehicle exemption that allows residents to exempt up to $2,775 in the equity of a vehicle to protect their it from creditors.
As you can see, Michigan and Pennsylvania residents may combine their state exemptions in some instances to protect more of their property. Since these exemptions can vary where you live, ask your local bankruptcy lawyers today for more details on how to combine your state's bankruptcy personal exemption laws to your advantage.
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