MI HB5838

Establishes bankruptcy exemptions for Michigan debtors under federal bankruptcy code, allowing exemption of property under federal law or Michigan state exemptions.

Exempts specific property categories including family pictures, clothing, household goods (up to $3,000 aggregate value), one motor vehicle (up to $2,775), and one computer and accessories (up to $500).

Exempts individual retirement accounts (IRAs and Roth IRAs) and qualified pension plans (401(k), 403(b)) from bankruptcy estate, with exceptions for amounts contributed within 120 days before filing and amounts subject to divorce or child support orders.

Exempts homestead property up to $30,000 in value, or $45,000 if debtor or dependent is age 65 or older or disabled, and allows surviving spouses to exempt homestead property.

Requires State Treasurer to adjust all dollar amounts in the exemptions every 3 years based on consumer price index changes, with adjustments rounded to nearest $25 and applied to cases filed on or after April 1 following adjustment date.