If you are looking to file bankruptcy in the state of Massachusetts, there are different types of bankruptcy to consider.
- Chapter 7: referred to as liquidation; requires a debtor to give up property which exceeds certain limits called exemptions so it can be sold to pay creditors
- Chapter 11: referred to as reorganization; mainly for businesses or individuals very large amounts of debt
- Chapter 12: reserved for families that are farmers
- Chapter 13: referred to as debt adjustment; requires a debtor to file a plan to pay debts or parts of debts from current income; exemptions also apply
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Exemptions Allow You to Keep Your Property
Exemptions are allowed in Chapter 7 and 13 bankruptcies. These exemptions are defined by the state in which you are filing and disallow your applicable property from being sold to pay your debts. Some of the more important exemptions as defined by the state of Massachusetts are as follows:
- Homestead: $500,000 in property you occupy or intend to occupy.
- Personal Property: Motor vehicle up to $700; furniture up to $3,000; clothing needed; beds and bedding; heating unit; books up to $200 total; cash up to $200 per month for rent, in lieu of homestead; cash for fuel, heat, water, or electricity up to $75 per month; bank deposits to $125; cash for food or food to $300; sewing machine to $200; burial plots and tombs; church pew; 2 cows, 2 swine, 12 sheep, and 4 tons of hay. Co-op shares up to $100, bank, credit union, or trust company deposits up to $500 total.
- Wages: Earned but unpaid wages up to $125 per week.
Any property you have that meets the criteria set forth by the state cannot be taken from you. Your bankruptcy lawyer can help you determine exactly what you can keep and what you cannot, as well as which chapter you should file for. The property that you own and the amount of debt that you have is used to determine which chapter filing is for you.
If you are considering filing for bankruptcy then you should be aware of how it is going to affect you and knowing what property you can keep is an important part of that information. If you would like to learn more about the steps you should take before filing bankruptcy or would like to determine whether it is the right choice for you, visit boston-bankruptcylawyer.com.
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