HB 5427 Summary

• Amends Michigan's Revised Judicature Act to comprehensively reorganize and expand property exemptions from garnishment, attachment, levy, and execution in judgment cases.

• Establishes specific dollar-amount exemptions for personal property including household goods ($525 per item, $3,450 aggregate), motor vehicles ($3,175), computers ($575), household pets ($575), farm equipment ($2,300), and religious seat/pew ($575).

• Provides broad exemptions for family necessities including family pictures, wearing apparel, provisions and fuel for 6 months, health aids, and cemetery/burial rights.

• Exempts homesteads valued up to $34,450 ($51,650 if owner or dependent is 65+ or disabled), all retirement funds, education savings accounts, medical/health savings accounts, and insurance/disability benefits with specified exceptions for divorce, child support, and certain liabilities.

• Requires the State Treasurer to adjust all dollar amounts every three years beginning March 1, 2012 to reflect cumulative changes in the consumer price index, rounded to nearest $25, effective April 1 following adjustment date.