Tools of the Trade Exemptions
There are many myths associated with bankruptcy that a majority of people typically believe. One of these myths is that by filing for bankruptcy, you will lose all of your personal property in order to repay creditors and eliminate your debt. The reality is that in most cases, a debtor does not have to submit any property to a Trustee’s sale. The state of Massachusetts has many exemptions that can enable you to keep your property and belongings.
In order to ensure that your interests are properly protected and that you are fully aware of your legal rights, contact a qualified bankruptcy attorney. At Joshua Spirn & Associates, our team of legal professionals will work with you every step of the way. Contact a Boston bankruptcy lawyer today at 800-975-5346.
Keeping Tools of the Trade
Along with exemptions on your home, automobile, and other kinds of property and assets, the state of Massachusetts also allows those filing for bankruptcy to keep certain “tools of the trade”. These are any items the filer uses everyday in his or her profession or business. Under recent changes, the following exemptions may be claimed:
- Up to $5,000 in tools essential to one’s livelihood and ability to exercise his or her craft may be exempt
- Beyond the exemptions available for tools of the trade, an additional $5,000 for materials used in one’s business may be claimed
If you have any questions about keeping goods or materials you need for your profession, contact a qualified legal representative today.
Contact Us
If you find yourself in a state of financial distress but are worried that filing for bankruptcy will interfere with your ability to work, we can help to alleviate your concerns. Contact the Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346.
