Boston Bankruptcy Attorneys
Filing for bankruptcy under Chapter 7 or Chapter 13 allows individuals and families to pay off debts and get relief from creditor harassment, wage garnishments, auto repossessions and more. But many people worry about what assets they may lost as part of the process. If you are concerned about your property, an experienced bankruptcy lawyer can inform you of your rights.
At Dane Shulman Associates, LLC, we will evaluate your situation in order to determine which assets will be exempt and which assets you may lose as part of your bankruptcy filing. To find out if filing for bankruptcy is right for you, contact us for a free initial consultation with a knowledgeable bankruptcy lawyer.
Exempt Property Under Massachusetts Bankruptcy Law
For most filers, the most important bankruptcy exemption they can take advantage of is the homestead exemption. This exemption will dismiss up to $500,000 of your equity in your primary residence. If your property was not acquired within 1,215 days of the petition date, the exemption will be capped at $136,875. However, if your previous home was in Massachusetts, you may be granted an exception to the rule that will allow you to roll your equity into your new home, which qualifies you for the larger exemption.
Other exemptions protect assets, such as 401(k) and other retirement accounts, Social Security benefits, veteran's benefits, unemployment benefits, worker's compensation benefits and other personal property.
To learn more about your rights and obligations under bankruptcy, contact us for a free initial consultation with a lawyer.
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