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Federal vs. Massachusetts Bankruptcy Exemptions

If you need help getting out from under the crushing weight of your debt, bankruptcy could be the best solution to your financial problems. At Infinity Law Group, I may be able to assist you with the many complexities of filing, including whether to take the federal or the Massachusetts exemptions available to you under the law. Please contact me, Roushi Sahagen, to schedule your free and confidential consultation. I am a Boston bankruptcy lawyer and I am eager to meet you and get started helping you achieve the financial freedom you deserve.

Protecting Your Assets

When filing for bankruptcy you may be relieved to learn that certain properties are yours to keep and not subject to seizure by the Trustee in order to pay your debts. These are called bankruptcy exemptions and are either provided for in federal or Massachusetts state law. You must decide which set you will use for your bankruptcy; however, picking and choosing the best from each category is not allowed.

On April 7, 2011 a new Massachusetts state law went into effect that appreciably increases the property of our residents that can be sheltered from seizure by creditors. Although in many instances going with the state exemptions may seem better, in some cases the federal exemptions may instead prove to be a better option. Some of the differences between the federal and state property exemptions include:

  • Residence: federal - $20,200; state - up to $500,000
  • Vehicle: federal - $3,225; state - $7,500
  • Life Insurance interest or dividend: federal - $10,775; state - $0
  • Personal injury award with exceptions: federal - $20,200; state - $0

I am a knowledgeable bankruptcy attorney with significant experience in the financial industry prior to attaining my law degree. I care about my clients and am an active member of the Volunteer Lawyers Project and Senior Partners for Justice. I additionally perform pro bono work as Lawyer for the Day at the Suffolk and Norfolk Probate and Family Court helping low-income litigants. I look forward to hearing from you and assisting you through the complex process of filing for chapter 7 or chapter 13.

Contact a Boston bankruptcy attorney immediately at my firm for information and advice regarding Massachusetts exemptions and your financial recovery.