3 Types of Bankruptcy Exemptions You Need to Remember

One of the biggest deterrents that keep people from filing for bankruptcy is the fear of having to sell their personal belongings to repay creditors. Luckily, there are ways you can keep many, and possibly even all, of your assets even after filing for bankruptcy. However, it is important that you understand your legal rights and options before filing for bankruptcy.

Going through bankruptcy alone can be extremely difficult, especially if you are fighting for exemptions so you can keep certain assets. If you are struggling to pay off your debt, you may need to file for bankruptcy. To learn more about your options, contact an experienced and dedicated Boston bankruptcy lawyer of Joshua Spirn & Associates today at 800-975-5346 and let us help you fight for a fresh financial start.

Important Bankruptcy Exemptions

There are many assets a debtor can protect from liquidation under existing bankruptcy exemptions laws. Three of these exemptions that you should remember are:

Your Home

“How can I keep my house,” is one of the most common questions people ask about filing for bankruptcy. You need a roof over your head to protect yourself and your family. The Massachusetts Homestead Exemption lets you exempt property over $100,000, or $200,000 if you are over 65

Your Benefits

Massachusetts bankruptcy code lets you also exempt many benefits including disability benefits, workers’ compensation, and life insurance policies.

Your Paycheck

You can save any earned but unpaid wages up to a certain amount. You can also exempt many items considered to be “tools of the trade,” which includes any items used for work or personal business up to $5,000.

Contact Us

Not only can an attorney help you fight for these exemptions, but they may be able to help you learn more about possible exemptions you may qualify for. For the legal assistance you need, contact a Boston bankruptcy lawyer of Joshua Spirn & Associates today at 800-975-5346.