Helping You Understand Federal and State Bankruptcy Exemptions
When new bankruptcy clients enter our office, they most often are concerned about losing everything they own during a bankruptcy proceeding. The first thing we tell each client is to stop worrying, as most often there are exemptions that will apply.
At Cohen & Associates, P.C., our Salem bankruptcy exemption attorneys understand how to apply state and federal exemptions to each individual bankruptcy filing. We also stay current on any changes in the law to better serve you whenever you decide to pursue bankruptcy. Contact our Massachusetts bankruptcy firm today to discuss your property concerns.
Exemptions That May Apply in Your Chapter 7 Bankruptcy
The Massachusetts legislature just changed most of the exemptions that apply in a Chapter 7 bankruptcy. That being said, most family home and personal property exemptions still exist, including:
- Homestead
- Car
- Furniture
- Electronics
- Jewelry
- Retirement accounts (annuities, 401(k)s and IRA accounts)
- Bank accounts and cash
- Clothes
- Collectibles
- Insurance policies
In addition to the exemptions listed above, there are also federal exemptions that provide most bankruptcy filers with extra protection that can be used to cover property that did not fit within the defined Massachusetts exemption categories.
How the Bankruptcy Exemption Process Works
As a part of the bankruptcy process, you will catalog your possessions and each possession will be valued and the applicable exemptions will be applied. As each exemption covers a monetary amount that most filers never exceed, you can rest assured that most, if not all, of your possessions will be protected.
Free Initial Consultation With a Massachusetts Asset Protection Attorney
To learn if the homestead exemption or any other exemption will help save your property from repossession, schedule your free consultation with one of our bankruptcy exemption lawyers. Contact our law firm online or call us at 978-338-4236 or toll-free at 866-606-0238.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
