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. It directly affects debtors by raising the value caps on items such as motor vehicles, household goods, tools of a trade, and retirement accounts, while also adding new protections for household pets and computers. The legislation maintains certain restrictions, such as excluding contributions made within 120 days of filing and limiting exemptions for assets subject to divorce or child support orders. By modifying specific sections of the state's Revised Judicature Act, the bill aims to provide greater financial security to families facing bankruptcy proceedings.