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Get the Facts about Bankruptcy from a Massachusetts Bankruptcy Lawyer
If you live in Boston, Salem or somewhere else in the state of Massachusetts and are thinking about filing Chapter 7 bankruptcy, you may be curious about the state’s bankruptcy exemptions. A Massachusetts Chapter 7 bankruptcy lawyer can speak with you about the bankruptcy process.
We’ll connect you with a Massachusetts bankruptcy lawyer—for free and with no obligation. Simply enter your ZIP code below and fill out our quick 2-minute form to get started.
Filing Chapter 7 Bankruptcy in Massachusetts
During your first meeting with your Chapter 7 bankruptcy lawyer, he or she will likely tell you that the terms Chapter 7 and liquidation are often used interchangeably. Liquidation means that the bankruptcy trustee will have the opportunity to examine and possibly sell any of your non-exempt assets to repay your unsecured debts, such as credit cards and medical bills.
Your local Massachusetts Chapter 7 bankruptcy lawyer will also probably give you the good news that most people who file Chapter 7 bankruptcy do not have any non-exempt assets and are allowed to keep most, if not all, of their property.
Massachusetts Bankruptcy Exemptions
You may be anxious to meet with your Chapter 7 bankruptcy lawyer to find out exactly which and how much of the property you own will be exempt from liquidation.
The following information is a basic primer on Massachusetts Chapter 7 exemptions. To get more specific information and advice about your case, contact a Massachusetts Chapter 7 bankruptcy lawyer.
Important Chapter 7 bankruptcy exemptions in the state include:
Homestead: Up to $500,000 for real property, including land and buildings.
Wages: Up to $125 per week.
Vehicles: Up to $700 for one vehicle.
- 100 percent of necessary clothes, beds and bedding.
- $3,000 for household furniture.
- Bibles and books worth no more than $200.
- $500 of tools, implements and fixtures.
- $500 for materials and stock necessary for carrying on a trade or business.
- Up to $500 worth of boats, fishing tackle and nets.
- $125 of cash, savings or other bank deposits.
Questions? Talk to a Massachusetts Chapter 7 Bankruptcy Lawyer
Massachusetts Chapter 7 bankruptcy exemptions can be specific. A Massachusetts bankruptcy attorney can discuss how they could play a part in your Chapter 7 bankruptcy case.
We make it easy to get in touch with a local Massachusetts Chapter 7 bankruptcy lawyer. Simply fill out our free bankruptcy evaluation form or give us a call at 877-226-6844 and we’ll quickly connect you with a Massachusetts bankruptcy lawyer.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.