Wild Card Exemption

It is a common misconception that whenever someone files for Chapter 7 bankruptcy, they will have to sell off most of their possessions in order to pay off debts to creditors. Because of this myth, many people avoid filing for bankruptcy and fall even deeper into debt. Fortunately, in the state of Massachusetts, there are many exemptions that allow people to keep much, if not all, of their property, and with new bankruptcy laws that went into effect in April 2011, citizens now get a “wild card” exemption.

To find out more about the exemptions you may be eligible for in a Chapter 7 bankruptcy filing, you need an experienced bankruptcy lawyer to assist you. At Joshua Spirn & Associates, our team of Boston bankruptcy lawyers is here to answer your questions and help you get out of debt and on with your life. To schedule an initial consultation, contact us today at 800-975-5346.

How Wild Card Exemptions Work

The wild card exemption gives individuals the right to exempt property well above the amount that Massachusetts state laws allow you to, and to protect property and assets that Massachusetts bankruptcy laws do not specifically designate as being exempt.

For example, the law only allows you to exempt $2,500 in your checking account. If you have $3,500 in your account, you could use the wild card exemption to protect the extra $1,000 that is not “exempt”.

Contact Us

The wild card exemption can be very confusing so make sure you speak with an experienced legal representative. Contact the Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346 for more information.