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