In most cases, no. Under the Federal exemption scheme, you may protect up to $26,475 in equity in your home. Under the Michigan exemption scheme, you may protect up to $38,225 if you are under 65, or $57,350 if you are at least 65 or disabled. In some cases, under the Michigan exemption scheme you may be able to protect 100% of the equity in your home. You must, however, be current in your monthly mortgage payments when you file bankruptcy and then continue to make your mortgage and property tax payments after you file.