What Are the Massachusetts Bankruptcy Exemptions?

When it comes to filing for bankruptcy in Massachusetts, there are certain assets that can be exempt from creditors. These exemptions help a person keep some of their property and protect them from being completely stripped of everything they own during the process. Knowing what these exemptions are can be extremely beneficial for those looking to file for bankruptcy so they can understand how much protection they have and what their financial situation will look like once their debts are discharged.

When one files for bankruptcy in Massachusetts, several different kinds of assets may be exempt from creditors depending on the type of bankruptcy you choose to file. Bankruptcy under Chapter 7 allows people to protect up to $7,500 worth of equity in their home, as well as up to $2,400 worth of personal property such as jewelry or furniture. This amount is doubled if two people are filing jointly.

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