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Massachusetts Bankruptcy ExemptionsHomestead 188-1 & 188-1A - $500,000 in property you occupy or intend to occupy (if over 65 or disabled there are special rules that apply). If title does not have a statement of homestead, a homestead declaration must be recorded before filing for bankruptcy. 188-4 - The spouse or children of a deceased owner may claim the homestead exemption. 209-1 - 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. Personal Property 79-6A - Moving expenses for eminent domain (that is, if the government took your property). 235-34 - Motor vehicle up to $700; furniture up to $3,000; clothing needed; beds and bedding; heating unit; books up to $200 total; cash up to $200 per month for rent, in lieu of homestead; cash for fuel, heat, water, or elec¬tricity up to $75 per month; bank deposits to $125; cash for food or food to $300; sewing machine to $200; burial plots and tombs; church pew; 2 cows, 2 swine, 12 sheep, and 4 tons of hay. Co-op shares up to $100. 246-28A - Bank, credit union, or trust company deposits up to $500 total. Wages 246-28 - Earned but unpaid wages up to $125 per week. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. 32-19 - Public employees. 32-41 - Private retirement benefits. 168-41 & 168-44 - Savings bank employees. 171-84 - Credit union employees. 235-34A & 246-28 - ERISA-qualified benefits, IRAs and Keoghs to specific limits included. Public Benefits 115-5 - Veterans' benefits. 118-10 - AFDC 151A-36 - Unemployment compensation. 152-47 - Workers' compensation. 235-34 - Public assistance. Tools of Trade 235-34 - Tools, implements and fixtures up to $500 total; materials you designed and procured up to $500; boats, nets, and fishing tackle of fisherman up to $500; arms, uniforms, and accoutrements you are required to keep. Insurance 175-110A - Disability benefits up to $400 per week. 175-119A - Life insurance proceeds if policy prohibits use to pay creditors. 175-125 - Life or endowment policy, proceeds, dividends, interest, loan, cash, or surrender value. 175-126 - Life insurance policy if beneficiary is a married woman. 175-132C - Group annuity policy or proceeds. 175-135 - Group life insurance policy. 175F-15 - Medical malpractice self-insurance. 176-22 - Fraternal benefit society benefits. Miscellaneous 108A-25 - Business partnership property. Other - Add any applicable Federal Nonbankruptcy Exemptions HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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