Michigan STATE LAW

WAGE GARNISHMENT EXEMPTION:

– Federal law applies

MAXIMUM INTEREST RATE:

– Legal: 5%
– Judgment: About 7% (changes annually)

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit cards): 6 years
– Written Contract: 6 years
– Domestic Judgment: 10 (renewable)
– Foreign Judgment: 10 years

BAD CHECK LAW DAMAGES:

– Twice the amount of check, but cannot exceed $500

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Michigan Compiled Laws Annotated)

– Can use either the state exemptions below or the federal exemptions
– The State of Michigan has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real property:

– Real estate to $3,500; property cannot exceed one lot in city or town or 40 acres if rural [559.214, 600.6023(1)(h), 600.6023(3) and 600.6027]

Personal property:

– Appliances, furniture and household goods, books, and utensils up to $1,000 total [600.6023(1)(b)
– Clothing and family pictures, unlimited amount, and food and fuel to last six months [600.6023(1)(a)
– Arms and equipment required for military use, unlimited amount [600.6023(1)(a)
– Building and loan association shares up to $1,000 par value in lieu of real estate exemption [600.6023(1)(g)
– Burial plots or church pew, unlimited amount [600.6023(1)(c)
– Tools, implements, stock, materials, team, apparatus, motor vehicle, horse and harness used in a business up to $1,000 total [600.6023(1)(e)
– Two cows, 100 hens, 5 roosters, 10 sheep, 5 swine and feed to last six months [600.6023(1)(d)]
Insurance / Annuities: Fraternal society benefits, unlimited amount [500.8181
– Disability, mutual life or health insurance benefits, unlimited amount [600.6023(1)(f)
– Life, endowment or annuity proceeds, but only if policy prohibits proceeds from being used to pay creditors, unlimited amount [500.4054]

Pensions / Retirement Plans:

– Firefighters and police officers, unlimited amount [38.559(6)
– Retirement benefits and IRAs [600.6023(1)(k)
– Legislators, unlimited amount [38.1057
– State employees, unlimited amount [38.40
– Public school employees, unlimited amount [38.1346]

Public Benefits / Entitlements:

– Welfare benefits, unlimited amt [400.63
– Aid to families with dependent children, unlimited amt [18.362
– Unemployment compensation, unlimited amt [421.30
– Workers compensation, unlimited amount [418.821
– Crime victims compensation, unlimited amt [18.362
– Veterans benefits for war veterans, unlimited amt [35.926, 35.977 and 35.1027]

Wages:

– 60% of earned but unpaid wages for head of household; otherwise 40% [600.5311]

Miscellaneous:

– Business partnership property, unlimited amount [449.25]