Massachusetts Bankruptcy Laws

The Massachusetts bankruptcy laws are the specific sets of rules that are used to handle various bankruptcy cases of the permanent residents of the state. However, the laws also allow you to use federal supplemental exemptions in conjunction with the state specific laws. In addition, you are also allowed to substitute the state specific exemptions with the federal exemption sets. The Massachusetts bankruptcy district courts are located at three places – Boston, Springfield, and Worcester. However, the counties of jurisdiction include all the places of the state.

Property Exemptions Under The Massachusetts Bankruptcy Laws

Following are the properties and their specific details that are considered as exemptible, as per the Massachusetts bankruptcy laws.

•All residential properties are exemptible under the homestead exemptions, but only for up to the amount of 100,000 dollars. In addition, if you are older than 65 or are disabled, the homestead exemptions will be allowed for up to 200,000 dollars.
•Again, if you are a married couple and are filing bankruptcy jointly, the maximum amount of the homestead exemptions will go double.
•The Massachusetts bankruptcy laws have made it mandatory for the debtor to record homestead declaration before filing bankruptcy.
•Under the personal properties exemptions, bank deposits are allowed to be exempted for up to 125 dollars.
•You can also exempt food or cash for food, but only up to three hundred dollars.
•Bibles and books have specifically been mentioned under the personal properties section. As per the Massachusetts bankruptcy laws, you can exempt Bibles and other books for up to two hundred dollars in total.
•Cash for fuel, heat, water, or light have also been bincluded under the personal properties exemptions. You can exempt such properties at the rate of seventy-five dollars on a monthly basis.
•You can opt for rental exemptions for up to 200 dollars a month, but in lieu of the homestead exemptions.
•Exemptible furniture amounts to three thousand dollars, while the motor vehicles are allowed for exemption of up to 750 dollars, as per the Massachusetts bankruptcy laws.