$500,000 Massachusetts Homestead Allowed Despite 1,215 Day Limitation

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.

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

Latest posts by L. Jed Berliner, Western & Central Massachusetts Consumer Lawyer (see all)


Sorry, the comment form is closed at this time.