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

Michigan House Bill 6229 significantly increases the amount of personal property that individuals can protect from creditors when filing for bankruptcy under state law. The bill raises exemption limits for key assets, including increasing the homestead exemption to $125,000 (or $200,000 for those over age 65 or disabled), raising the motor vehicle exemption to $15,000, and expanding protections for household goods, tools of trade, and retirement accounts. It also introduces a new mechanism where the state treasurer adjusts these dollar amounts every three years based on changes in the Consumer Price Index and the Home Price Index to account for inflation. These changes apply to bankruptcy cases filed after the bill's effective date, allowing debtors to retain more of their essential assets during the legal process.