Civil procedure: bankruptcy; bankruptcy exemptions; modify. Amends sec. 5451 of 1961 PA 236 (MCL 600.5451).

This bill updates Michigan's bankruptcy exemption laws to increase the dollar limits on property that individuals can protect from creditors when filing for bankruptcy. The changes directly affect debtors by raising the value caps on essential items such as a home, vehicles, tools for work, and retirement accounts, while also adding new protections for household pets and computers. Specific adjustments include increasing the homestead exemption to $125,000 or $200,000 for seniors and disabled individuals, and raising the limit on motor vehicles to $15,000. Additionally, the legislation expands protections for retirement funds and clarifies rules regarding contributions made shortly before filing.