The general rule in Michigan is that a homeowner is entitled to keep the first $30,000 of equity in the property away from unsecured creditors. However, if the homeowner is elderly or disabled the homestead exemption is raised to $45,000.
A Michigan homeowner who does not have significantly more equity in the home than that which is allowed by the homestead exemption and who can make regular mortgage payments is likely to be able to keep his or her home even if he or she files for bankruptcy.
Speak to an Experienced Foreclosure Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.