Michigan Bankruptcy Statute
MCL 600.5451 Bankruptcy; exemptions from property of estate; exception; exempt property sold....
(1) A debtor in bankruptcy under the bankruptcy code, 11 USC 101 to 1532, may exempt from property of the estate property that is exempt under federal law or, under 11 USC 522(b)(2), the following property:
(m) The interest of the debtor, the codebtor, if any, and the debtor's dependents, not to exceed $30,000.00 in value or, if the debtor or a dependent of the debtor at the time of the filing of the bankruptcy petition is 65 years of age or older or disabled, not to exceed $45,000.00 in value, in a homestead.
(2) An exemption under this section does not apply to a mortgage, lien, or security interest in the exempt property...
(3) If property that is exempt under this section is sold..., the right to receive proceeds or, if the owner receives proceeds and holds them in a manner that makes them identifiable as proceeds, the proceeds received are exempt from the property of a federal bankruptcy estate in the same manner and amount as the exempt property. An exemption under this subsection may be claimed up to 1 year after the receipt of the proceeds by the owner.
History: Add. 2004, Act 575, Imd. Eff. Jan. 3, 2005 ;-- Am. 2012, Act 451, Eff. Dec. 31, 2012
http://www.legislature.mi.gov/(S(xfh...e=mcl-600-5451