Massahusetts bankrupycy exemptions - Law Office of Theodore J Koban

Federal Bankruptcy Exemptions

$ 21,625 in real property or mobile home equity that is used by the debtor as a residence.

$ 3,450.00 of equity in one motor vehicle.

$ 11.525.00 in household goods, apparel, musical instruments.

$ 1,450.00 in jewelry.

$ 1,150.00 in any property (if the debtor does not own real estate this exemption rises to $10,825.00).

$ 2,175.00 in tools and books used in a profession.

Various other miscellaneous exemptions relating to such items as cash surrender value of life
insurance, retirement benefits, bodily injury claims.

Massachusetts Bankruptcy Exemptions *
	$125,000.00 in real estate. Increased up to $500,000.00 by filing a formal Homestead Declaration in the Registry of Deeds 1,215 days before the bankruptcy filing.
	Individual Retirement Accounts - up to $1 million dollars;
	$ 7,500.00 in a motor vehicle required for work; $ 2,500.00 in savings; $15,000.00 in household furniture; Various other specialized exemptions.
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The information contained on this web site is meant to provide some background on the law of the Commonwealth of Massachusetts as of year 2011. It is not meant and cannot possibly substitute for legal advice given by an attorney who has had the opportunity to become fully familiar with the particular facts of your case.