30 Dec $500,000 Massachusetts Homestead Allowed Despite 1,215 Day Limitation
Massachusetts homestead law protects $500,000 of equity in a home for the benefit of the debtor and family. The 2005 bankruptcy amendments restrict a homestead to $125,000 if acquired within 1,215 days before the bankruptcy filing.
In In re Walsh, U.S. Bankruptcy Judge Robert Somma ruled that a homestead, declared by married debtor who filed alone for bankruptcy protections within 1215 days of acquiring the home with the spouse, would still protect $500,000 of equity from the creditors because a lesser protection would invade the nonfiling spouse’s right to protect the full $500,000.
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