Bankruptcy Property Exemptions
One of the biggest deterrents causing people to delay filing for bankruptcy is the fear that they will lose everything they own, including their home. However, in the state of Massachusetts, people who file for bankruptcy almost never risk losing their property. In bankruptcy cases, you are required to list exempt and non-exempt property. Exempt property is the property the bankruptcy trustee cannot legally confiscate and liquidate.
If you are considering filing for bankruptcy, it is important to thoroughly understand exemptions so that you can keep as much property as possible upon bankruptcy. At Joshua Spirn & Associates, our team of Boston bankruptcy lawyers is experienced in handling many different bankruptcy cases. Call us today at 800-975-5346 to schedule a free consultation with a qualified attorney.
Massachusetts Property Exemption Laws
The Massachusetts bankruptcy law allows you to have a $500,000 exemption in equity from your primary place of residence. This includes property such as:
- Necessary clothing
- Beds and bedding for the family
- Necessary appliances in the kitchen
- Household furniture that does not exceed $15,000
- Tools that do not exceed $5,000
- One television and one computer
- Any materials the debtor needs for his or her job or business that does not exceed $5,000
- Up to $2,500 in wages or savings
- Automobiles that does not exceed $7,500 in wholesale resale value
When you are looking to start over with bankruptcy, it is important to have the property you need to survive. To learn about all the possible exemptions for you and your family, speak with a qualified bankruptcy lawyer.
Contact Us
If you are planning to file for bankruptcy, you are not alone. A tenacious lawyer can help you defend your exempt property. Contact the Boston bankruptcy attorneys of Joshua Spirn & Associates today at 800-975-5346 to speak with a qualified bankruptcy attorney.
