Bankruptcy Exemptions Information
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, but 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.
Bankruptcy Property Exemptions: State Vs. Federal
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, (e.g. carpenter’s tools)
- Wages earned
- Retirement accounts: 401(k) plans 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 or federal bankruptcy exemptions, or to schedule a free consultation with an experienced attorney, please contact us. Call our Franklin office at 508-528-8885 or email us.
From our offices, we help clients in Milford and surrounding areas with debt.
When representing consumer debtors in connection with bankruptcy, the Law Offices of Ira C. Yellin, LLC, is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A).