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Massachusetts Bankruptcy Exemptions

The chart below contains a summary of Massachusetts state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of Massachusetts bankruptcy exemptions laws.

Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions

Personal exemptions allowed by Massachusetts Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
ASSET EXEMPTION LAW
Massachusetts Homestead Property occupied or intended to be occupied by debtor to $500,000. If debtor is over 65 years old or disabled, special rules apply. 188-1; 188-1A
Wages Earned but unpaid wages to $125 per week. 246-28
Automobile Up to $700 235-34
Other property Group life insurance policy 175-135
Property of business partnership 108A-25
Beds and bedding; heating unit; clothing 235-34
Furniture to $3,000 235-34
Burial plots, tombs, and church pew 235-34
Fishing boats, tackle, and nets used as tools of trade to $500 235-34
Wildcard None  

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Massachusetts bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Massachusetts bankruptcy exemptions laws.
Go to Federal Bankruptcy Exemptions

Massachusetts Bankruptcy Court links :

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