Boston Bankruptcy Attorney
Bankruptcy Exemptions in Boston
As with all other states, Massachusetts has its own unique set of exemptions that may be utilized when filing for either Chapter 7 or Chapter 13 bankruptcy. These exemptions determine what property you will be able to keep from being liquidated in Chapter 7, or the amount you will have to pay to your various creditors in Chapter 13.
In our state, you have the option of utilizing federal exemptions or state exemptions when filing for bankruptcy. You are not able to mix both sets of exemptions. If you are married, and are filing a joint bankruptcy with your spouse, each of you may take advantage of the full amount of each exemption. This is referred to as "doubling." Examples of state exemptions that you will be able to take include:
- Up to $500,000 in equity in your home
- Personal property such as household appliances, clothing, jewelry, electronics, and books
- Motor vehicle (up to $7,500 in value or $15,000 if you are elderly or disabled)
- Unpaid wages up to 85%
- Pensions
- Tools of the trade
For more information about exemptions, including which system you should use and the specifics of homestead exemptions, contact a Boston bankruptcy attorney who will be able to answer your questions.
Filing for Chapter 7 bankruptcy?
My name is Roushi Sahagen and I have many years of experience in the area of bankruptcy law. Through my firm, Infinity Law Group, I have helped countless individuals through the complex process of filing bankruptcy and get the fresh financial start they so badly need. If you are planning on filing for Chapter 7, it is not advised that you attempt it on your own. The process is complex and confusing and any failure to provide accurate information can lead to serious problems, denials or delays when you are already suffering. I will assist you to determine how to best move forward, give you accurate information regarding exemptions, and manage every aspect of your filing.
Contact a Boston bankruptcy attorney if you are filing for Chapter 7 and need require help in maximizing the exemptions you can take advantage of.