Over the past year, home values have been going up. That’s a good thing if you are a home owner able to make ends meet. It’s not always a good thing if you are having trouble meeting your financial obligations. If you are filing as a single person and using the Federal Exemptions, you can protect up to $22,975 in equity in your home, a married couple can protect $45,950 if they are joint owners of the home. Under Michigan exemptions you can protect $37,775 in equity either as a single person, or a couple, however if you are disabled or over 65 years of age the amount goes up to $56,650. If you have substantial equity in your home, you may need to consider a Chapter 13 Bankruptcy filing to protect your home and address your debts.
