Massachusetts, MA Bankruptcy Exemptions

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The Essential Massachusetts Bankruptcy Information Guide

Massachusetts, MA Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All law references are to Massachusetts, MA Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Massachusetts, MA Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	$500,000 in property you occupy or intend to occupy; if over 65 or disabled, also applies to "manufactured home." If title does not have a statement of homestead	188.1, 188-1A
	Must record homestead declaration before filing bankruptcy	188-1
	Spouse or child of deceased owner may claim homestead exemption	188-4
	Tenancies by the entirety, regardless of value, are exempt as to the debts of one spouse, unless the debt was "incurred on account of necessaries" for either spouse or a family member.	209-1
PERSONAL PROPERTY	Bank deposits to $125; food or cash for food to $300	235-34
	Beds, bedding and heating unit; clothing needed	235-34
	Bibles and books to $200 total; sewing machine to $200	235-34
	Burial plots, tombs and church pew	235-34
	Cash for fuel, heat, water or light to $75 per month	235-34
	Cash to $200 per month for rent, in lieu of homestead	235-34
	Cooperative association shares to $100	235-34
	2 cows, 12 sheep, 2 swine, 4 tons of hay	235-34
	Motor vehicle up to $700; furniture up to $3,000	235-34
	Moving expenses for eminent domain	79-6A
	Trust company, bank or credit union deposits to $500	246-28A
INSURANCE	Disability benefits to $400 per week	175-110A
	Fraternal benefit society benefits	176-22
	Group annuity policy or proceeds	175-132C
	Group life insurance policy	175-135
	Life or endowment policy, proceeds, dividends, interest, loan, cash, or surrender value.	175-125
	Life insurance policy if beneficiary is married woman	175-126
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	175-119A
	Medical malpractice self-insurance	175F-15
MISC.	Property of business partnership	108A-25
PENSIONS also see wages	ERISA-qualified benefits, IRAs and Keoghs to specific limits included.	235-34A, 246-28
	Private retirement benefits	32-41
	Public employees	32-19
	Savings bank employees	168-41, 168-44
	Credit union employees.	171-84
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PUBLIC BENEFITS	AFDC	118-10
	Public assistance	235-34
	Unemployment compensation	151A-36
	Veterans’ benefits	115-5
	Workers’ compensation	152-47
TOOLS OF TRADE	Arms, accouterments and uniforms you’re required to keep	235-34
	Boats, fishing tackle and nets of fisherman to $500	235-34
	Materials you designed and procured to $500	235-34
	Tools, implements and fixtures to $500 total	235-34
WAGES	Earned but unpaid wages to $125 per week	246-28

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