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.
|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|
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.