18 Jul Bankruptcy Exemptions in Massachusetts
Bankruptcy debtors have the right to exempt property from the bankruptcy estate up to a certain dollar amount. In Massachusetts, bankruptcy debtors have the option of using either the Federal or Massachusetts exemptions to do this.
Where a debtor has a large amount of home equity they want to protect, he or she should use the Massachusetts exemptions which provide a generous Homestead exemption (up to $500,000 in home equity). Where a debtor owns no real estate, or has minimal or no home equity, the Federal exemptions should usually be used.
While the Federal exemptions are far less generous than the Massachusetts exemptions when it comes to home equity, they are far more generous with respect to personal property.
There is a bit more about the Massachusetts bankruptcy exemptions here.
Nicholas Ortiz, Boston Bankruptcy Attorney
Latest posts by Nicholas Ortiz, Boston Bankruptcy Attorney (see all)
- Bankruptcy and Arrest Warrants - August 23, 2013
- Massachusetts Mortgage 150-Day Right to Cure and Bankruptcy - July 23, 2013
- Unauthorized Practice of Law Gains Attention of U.S. Trustee - June 23, 2013
- What is a Prepackaged Chapter 11 Bankruptcy? - May 23, 2013
- Marital Adjustment Allowed to Set Commitment Period - April 25, 2013