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When someone is considering a bankruptcy, they might be concerned that filing for it will cause them to lose some of their most important and valued possessions. However, this isn’t accurate. When a person files for bankruptcy in Massachusetts or any other part of Massachusetts, they should be aware of bankruptcy exemptions in the state. Simply defined, a bankruptcy exemption describes property that’s protected from liquidation or seizing after someone files for bankruptcy. Since bankruptcy is supposed to be a form of financial recovery for someone, bankruptcy exemptions protect their dignity by not forcing them to part with some of their most prized possessions.
If you have questions about bankruptcy exemptions, continue reading below or call Miller Law Group, P.C. right now. Our firm is dedicated to helping families in Massachusetts and throughout Massachusetts receive the legal help and protection they deserve during difficult moments. Our attorneys are so dedicated to helping their clients that they meet weekly to discuss cases. Doing so helps to ensure that their receiving the insight of peers and approaching cases from every angle possible for the benefit of clients.
Call our Massachusetts bankruptcy exemption lawyers now for help. An initial consultation is free to help you discover what options are available to protect your property during the bankruptcy process.
How Do Massachusetts Bankruptcy Exemptions Work?
Bankruptcy exemptions exist for those who file Chapter 7 bankruptcy. During Chapter 7 bankruptcy, a person liquidates their property to pay off creditors that they owe money to. The process involves a person selling their property to satisfy various debts. After liquidation, creditors can no longer attempt to hold a debtor responsible their debt.
As a person works through the Chapter 7 process, they’ll have to agree to what property they’ll liquidate to satisfy their debts. This is when bankruptcy exemptions are important. Each state has different laws governing bankruptcy exemptions, so it’s important that someone has an attorney who is familiar with bankruptcy law in their state.
What Property Is Exempt from Liquidation During Bankruptcy in Massachusetts?
While every state has their own property exemptions for bankruptcy, some allow a person to choose between localized exemptions or those provided by the federal government. The state of Massachusetts allows a person to choose what set of guidelines they’ll use during their bankruptcy.
Federal Bankruptcy Exemptions
To fully understand federal bankruptcy exemptions, a you should speak with an attorney. Doing so will help determine if using federal exemptions is the right option for you. Some of these exemptions have monetary limits, so working with an attorney will help you decide how to use them wisely.
Some items protected by federal bankruptcy exemptions include:
- Thrift savings plans
- IRAs & Roth IRAs
- Household goods
- Health aids
- Retirement & pension accounts
- Child support
- Social security
- Veteran's benefits
- Compensation for a crime, wrongful death, personal injury, or other legal decision
- Life insurance policies
- Tools of a trade
- And more
Massachusetts Bankruptcy Exemptions
While similar to federal exemptions, Massachusetts bankruptcy exemptions protect slightly different forms of property and have different limits. Speaking with a Massachusetts bankruptcy lawyer from Miller Law Group, P.C. will help you decide what exemptions are right to protect your property.
Some items protected by Massachusetts bankruptcy exemptions include:
- Personal property
- Insurance policies and benefits
- Property of a business
- Pensions & retirement benefits
- Public benefits
- Tolls of a trade
Make Your Bankruptcy Exemption Plan with Miller Law Group, P.C.
If you’re considering filing for bankruptcy, you need the assistance of a law firm that has a long history of helping clients and families during some of the most difficult times of their lives. Our team is completely focused on Massachusetts, so you can be certain that your legal help is understands the laws of the state!
Call our Massachusetts bankruptcy exemption lawyers today at (508) 502-7002. An initial consultation with a member of our team is free and will help you decide what to do next.
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