Bankruptcy Exemptions

Chapter 13 Bankruptcy

Massachusetts Bankruptcy Exemptions

Protect your property with our Bankruptcy Exemption Attorneys

People considering filing bankruptcy might worry that they will lose their most valuable and important possessions, which is false. If a person files bankruptcy in Massachusetts or any other Massachusetts part, they need to be aware of the bankruptcy exemptions in that state. A bankruptcy exemption is a property protected from liquidation or seizure after a person file for bankruptcy. Because bankruptcy is meant to be a way to recover financial assets, bankruptcy exemptions can save a person’s dignity and prevent them from having to give up some of their most valuable possessions.

Continue reading or Call Coleman & Macdonald Law Office if you have any questions about bankruptcy exemptions. Right now. Our firm provides legal assistance and protection for families throughout Massachusetts. Our attorneys are so committed to helping clients that they meet weekly for case discussions, allowing them to gain insights from their peers and approach cases from all angles for clients’ benefit.

How do Massachusetts Bankruptcy Exemptions work?

Chapter 7 bankruptcy entitles you to exemptions from bankruptcy. Chapter 7 bankruptcy allows a person to liquidate their assets to pay creditors they owe money. This involves the sale of the property to pay off various debts. Creditors can no longer hold debtors responsible for their obligations after liquidation.

As they go through Chapter 7, they will have to agree on what property they will liquidate to pay off their debts. These are the bankruptcy exemptions. Every state has its laws regarding bankruptcy exemptions. Having an attorney knowledgeable about bankruptcy law in your state is essential.

What property is exempted from liquidation during bankruptcy in Massachusetts?

Each state has its property exclusions for bankruptcy. However, some states allow people to choose between federal and local exemptions, and Massachusetts allows people to choose which guidelines they will use in default.

Federal Bankruptcy Exemptions

An attorney is the best way to fully understand the federal bankruptcy exemptions, and this will allow you to determine whether federal exemptions are proper for you.

Federal bankruptcy exemptions protect some items.

  1. Thrift savings plans
  2. IRAs & Roth IRAs
  3. Goods for the home
  4. Health aids
  5. Jewelry
  6. Retirement & pension accounts
  7. Alimony
  8. Support for children
  9. Social security
  10. Unemployment
  11. Benefits for veterans
  12. Compensation for a crime or wrongful death, personal injury, or any other legal decision
  13. Policies for life insurance
  14. Trade tools
  15. More

Massachusetts Bankruptcy Exemptions

Although like federal exemptions, Massachusetts bankruptcy exemptions protect slightly different property types and have other limitations. Coleman & Macdonald Law Office can help determine which Massachusetts bankruptcy attorney to consult. You can decide which exemptions you need to protect your property by speaking with a Massachusetts bankruptcy lawyer from Coleman & Macdonald Law Office.

Massachusetts bankruptcy exemptions protect some items.

  1. Homesteads
  2. Personal property
  3. Benefits and insurance policies
  4. Business property
  5. Pensions and retirement benefits
  6. Public benefits
  7. Trade tolls
  8. Wages

Coleman & Macdonald Law Office – Make your Bankruptcy Exemption plan.

A law firm helping families and clients through the most challenging times in their lives is the best choice if you are considering bankruptcy filings. You can trust that our team understands Massachusetts laws.

Serving the following Cities:

  • Revere
  • Chelsea
  • Lynn
  • Saugus
  • Peabody
  • Springfield
  • East Longmeadow