Vote Smart's Synopsis:

Vote to pass a bill that authorizes modest homeowners to protect their property in bankruptcy cases in Michigan.

Highlights:

• Authorizes modest homeowners who owe debt can protect their property in bankruptcy cases in Michigan (Sec. 1).

• Increases bankruptcy interest adjustments from $30,000 to $125,000 in value if the debtor or a dependent of the debtor at the time of the bankruptcy petition is 65 years of age or older or disabled and from $45,000 to $200,000 in value in a homestead (Sec. 1).

• Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the Governor (Sec. 2).

Full Bill Text