Submitted by TurtleME on Mon, 05/25/2009 - 13:38
Posted in
So how much, exactly am I allowed to keep if I file bankruptcy? I am confused about the difference between the MA and federal exemptions. What are the exemptions and how do I choose? Thanks.
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10/2/2011 18:37 by Anonymous |
In Massachusetts there is
In Massachusetts there is some planning to do in regards to choosing the right set of exemptions. In some states there is only one set of exemption laws, so there is no planning.
Typically, the choice comes down to how much equity you have in your house. The Massachusetts exemtptions allow you to keep up $500,000 in equity in your home, whereas the federal exemptions only allow you to keep up to $15,000 in equity in your home.
Other than equity in the home the Mass exemptions are really bad. So if you have little or no equity in your home you will likely use the federal exemptions.
You should contact an attorney who will be able to help you figure out which exemption best fit your situation. If you need help finding an attorney you may wish to contact your local bar association.
Good luck,
Robert Kovacs