If you are considering filing for bankruptcy or have already filed for bankruptcy, you may be worried about what property will be taken from you. What will happen to your retirement accounts? Will your child's college tuition fund be affected? Will you have enough money to start over with? These are valid and important concerns that the Boston and Franklin bankruptcy lawyer of The Law Offices of Ira C. Yellin, LLC will address for you.
At the Massachusetts-based law firm of Law Offices of Ira C. Yellin, LLC, we not only provide assistance in filing for bankruptcy, we can also help you understand what property you can keep in bankruptcy. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, there are certain exemptions under federal and Massachusetts state law. We will evaluate your individual situation and tell you what property you can keep and what property may be taken away. With the right information, you can move forward without any fears of unexpected repossession.
Do not be afraid to ask questions and get answers about your own property. Contact us to speak to our Boston attorney about bankruptcy exemptions information. Call our Franklin law office at 508-528-8885. You can also send us an email .
Bankruptcy Property Exemptions
The first thing that needs to be considered is whether to claim under federal exemptions or Massachusetts state exemptions. We can look at your specific bankruptcy circumstance and advise you as to the better choice. For example, the Massachusetts homestead exemption protects up to $500,000 of equity in your house. Whereas, the federal exemptions protect substantially less value per debtor, adjusted yearly for inflation.
Other categories of property that may be protected under the Massachusetts and/or Federal property exemptions include:
- Personal property: such as cars, cash, jewelry or furniture
- Tools of the trade: for example carpenter's tools
- Wages earned
- Retirement accounts: 401(k)s or pensions
- Unemployment or veterans' benefits
- Insurance benefits: such as cash accumulated in a life or disability plan
Contact A Bankruptcy Exemptions Attorney For A Free Consultation
Be confident in your new start. Get the information you need to know about property exemptions in bankruptcy.
For more information about Massachusetts bankruptcy exemptions and federal exemptions or to schedule an appointment with an experienced attorney at The Law Offices of Ira C. Yellin, LLC, please contact us. Email our Franklin, Massachusetts, bankruptcy relief lawyer , call our Franklin office at 508-528-8885. From our offices, we help clients in Milford and surrounding areas with debt.
When representing consumer debtors in connection with bankruptcy, Law Offices of Ira C. Yellin, LLC is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A).