Massachusetts State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Massachusetts law provides a number of exemptions that
protect your property, and your attorney will be able to advise you on which
exemptions are best for you.
Homestead
Up to $500,000 exemption for land and buildings.
Wages
75 percent of earnings are exempt.
Automobiles
One automobile up to $700 in value.
Other Property
100 percent of wearing apparel, beds and bedding; $3,000 in
household furniture; bibles, and books not exceeding $200 in value; $500
in tools, implements and fixtures and $500 in materials and stock
necessary for carrying on trade or business; boats, fishing tackle and nets not
exceeding $500; and $125 of cash, savings or other deposits in a
banking institution.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete Massachusetts
bankruptcy exemptions here
» Click Here to read the Federal bankruptcy
exemptions.
» Back to Bankruptcy Laws In Your State