Massachusetts State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Massachusetts law provides a number of exemptions that protect your property, and your Massachusetts TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
Up to $500,000 exemption for land and buildings.
Wages
75 percent of earnings are exempt.
Automobiles
One automobile up to $700 in value.
Other Property
100 percent of wearing apparel, beds and bedding; $3,000 in household furniture; bibles, and books not exceeding $200 in value; $500 in tools, implements and fixtures and $500 in materials and stock necessary for carrying on trade or business; boats, fishing tackle and nets not exceeding $500; and $125 of cash, savings or other deposits in a banking institution.
» Read the complete Massachusetts bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.