These days, what people call a “home” can be anything from a mansion to a car parked in a part of the town where they won’t be hassled and can get some sleep. Bankruptcy law has always allowed people to protect their home, through something called a homestead exemption. Homestead laws are generally found in […]
bankruptcy exemptions
Michigan Bankruptcy Exemption Limits to Increase by 14% April 1, 2023
Michigan adjusts its exemptions for inflation every three years. The revised 2023 amounts were published by the Michigan Department of the Treasury on January 25, 2023. They apply to cases filed on or after April 1, 2023, and are summarized here. The total increase for the period is 13.96% Michigan Bankruptcy Exemptions Inflation Adjustments 2023
February 2023 Consumer Law Update
Here are some stories we found interesting last month. Updated Arizona Bankruptcy Exemptions December 5, 2022, Arizona increased the state’s homestead exemption from $250,000 to $400,000, the exemption in bank accounts from $300 to $5,000, both the vehicle and household goods exemptions from $6,000 to $15,000, and the garnishment protection to 90% of disposable wages […]
January 2023 Consumer Law Updates
Hello & Happy New Year! Welcome to the LegalConsumer Newsletter! Welcome to 2023. Here’s an update of what’s changed in 2022, and what’s coming in 2023, including: Obamacare 2023 Open Enrollment Changes in bankruptcy exemptions amounts in 2022 and 2023 The growing trend of electronic filing in the bankruptcy courts Student Loan relief program changes […]
Arizona Homestead increased to $400,000 by Prop 209
December 5, 2022, Arizona increased the state’s homestead exemption from $250,000 to $400,000, the exemption in bank accounts from $300 to $5,000, both the vehicle and household goods exemptions from $6,000 to $15,000, and the garnishment protection to 90% of disposable wages or 60 times the highest minimum wage in the state, whichever is greater. […]
Federal Bankruptcy Amounts Changed for April 1, 2022
Source: Adjustment of Certain Dollar Amounts in the Bankruptcy Code A Notice by the Judicial Conference of the United States on 02/04/2022 Affected sections of Title 28 U.S.C. and the bankruptcy code Dollar amount to be adjusted New (adjusted) dollar amount 1 28 U.S.C. Section 1409(b)—a trustee may commence a proceeding arising in or related to […]
New California Homestead Exemption Makes Chapter 7 Bankruptcy Available to Homeowners
As of January 1, 2021 Californians will enjoy a new homestead exemption law for California which will allow debtors to protect as much as $600,000 of their home’s equity.