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Massachusetts Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your Massachusetts bankruptcy lawyers can use state laws to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Massachusetts bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The Massachusetts bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the Massachusetts bankruptcy exemptions below are not an exhaustive list, therefore you should contact a Massachusetts bankruptcy attorneyto determine the other types of property that you own which may be exempt.

Homestead Massachusetts Bankruptcy Exemptions

These Massachusetts bankruptcy exemptions can be used to protect up to $300,000 in equity in your house, condominium, or in a mobile home and land upon which it is located. Unfortunately the total exemption claimed by both spouses may not exceed $300,000 even if a joint U.S. federal bankruptcy is filed.

Motor Vehicle Massachusetts Bankruptcy Exemptions

Your Massachusetts bankruptcy lawyers can use this exemption to protect $700 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file U.S. federal bankruptcy with a spouse a lawyer can use both vehicle exemptions to protect up to $1,400 in vehicle equity as long as both you and your spouse are on the title to the car.

Household Furniture Massachusetts Bankruptcy Exemptions

These Massachusetts bankruptcy exemptions allows your lawyers to protect up to $3,000 of your household furniture in items ranging from your kitchen table to your living room couch.

Life Insurance Proceeds Massachusetts Bankruptcy Exemptions

These Massachusetts bankruptcy exemptions can protect 100% of the value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Qualified Retirement Plan Massachusetts Bankruptcy Exemptions

Your bankruptcy lawyers can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.

Tools of the Trade, Professional Books Massachusetts Bankruptcy Exemptions

This is a useful exemption that can be used to protect up to $500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Massachusetts Bankruptcy Exemptions

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Massachusetts Bankruptcy Exemptions

This exemption can help to protect 100% of compensation you receive under Massachusetts workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Massachusetts, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Learn more about Michigan bankruptcy exemptions.