Massachusetts Bankruptcy Exemptions
Federal supplemental exemptions can be used in conjunction with your Massachusetts exemptions and can be viewed here.
In Massachusetts, you may choose to use the federal exemption set instead of your state exemptions.
To find out how the exemptions apply in your specific situation you can schedule a free consultation with a local bankruptcy attorney.
|
ASSET |
EXEMPTION DESCRIPTION |
LAW SECTION |
|
HOMESTEAD |
Automatic exemption for property you occupy to $125,000. Declared homsteads to $500,000, if over 62 or disabled, $1,000,000. (joint owners may not double) |
188.1, 188-1A |
|
Must record homestead declaration before filing bankruptcy |
188-2 |
|
|
Spouse or child of deceased owner may claim homestead exemption |
188-4 |
|
|
Property held as tenancy be the entirety may be exempt against non-necessity debts |
209-1 |
|
|
PERSONAL PROPERTY
|
Household furniture to $15,000. |
235-34 |
|
Beds, bedding and heating unit; clothing needed |
235-34 |
|
|
Bibles and books to $500 total; sewing machine to $300 |
235-34 |
|
|
Burial plots, tombs and church pew |
235-34 |
|
|
Cash for fuel, heat, water or light to $500 per month |
235-34 |
|
|
Cash to $2,500 per month for rent, in lieu of homestead |
235-34 |
|
|
2 cows, 12 sheep, 2 swine, 4 tons of hay |
235-34 |
|
|
Motor vehicle to $7,500 ($15,000 for eldery or disabled) |
235-34 | |
|
Moving expenses for eminent domain |
79-6A |
|
|
Trust company, bank or credit union deposits to $2,500 |
235-34 |
|
|
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 or cash value |
175-125 |
|
|
Life insurance annuity contract which says it’s exempt |
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 |
ERISA-qualified benefits |
235-34A, 246-28 |
|
Private retirement benefits |
32-41 |
|
|
Public employees |
32-19 |
|
|
Savings bank employees |
168-41, 168-44 |
|
|
PUBLIC BENEFITS |
AFDC |
118-10 |
|
Aid to ages, disabled |
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 $1,500 |
235-34 |
|
|
Materials you designed and procured to $500 |
235-34 |
|
|
Tools, implements and fixtures to $5,000 total |
235-34 |
|
|
WAGES |
Earned but unpaid wages to $125 per week |
246-28 |
| WILD CARD |
|
235-34 |
More Information on Massachusetts Bankruptcy Law
- Massachusetts Bankruptcy Forms
- Massachusetts Bankruptcy Courts
- Massachusetts Bankruptcies - Chapter 7 and Chapter 13 Bankruptcy Statistics
If you have a specific question about exemptions related to your situation you can schedule a free consultation with a local bankruptcy attorney.
You may also want to visit your federal bankruptcy
court
web site:
Find out more about Chapter 7 or Chapter 13 bankrupty.
You can also vistit the frequently asked questions page if you're looking for an answer to a specific question.
Find out if bankruptcy
is right for you!
Click Here
for a
FREE EVALUATION
