Providence Bankruptcy Exemptions Attorney
Attleboro Exempt Property Lawyer
Contrary to popular belief, a debtor will not lose all of his or her property in filing for bankruptcy. Chapter 7 bankruptcy is specifically associated with property loss because a debtor’s property will be surrendered to the bankruptcy court and liquidated to pay off creditors. However, Massachusetts law specifically protects certain property. This property is exempt from liquidation and will be protected when the debtor files for bankruptcy, meaning you don’t have to lose everything just because you are seeking debt relief by filing for bankruptcy.
As a Massachusetts and Rhode Island bankruptcy attorney, Gail Balser can explain exactly what property may be protected if you should file for bankruptcy. She understands bankruptcy exemptions and can also help you understand how filing may affect you now and in the future.
What Property is Exempt?
Following are some of the Massachusetts bankruptcy exemptions, although these may vary depending on your unique situation:
- Up to $500,000 in real property if you intend to occupy this property
- Motor vehicle valued at up to $700
- Furniture valued at up to $3,000
- Clothing, bedding and beds
- Certain amounts of cash for food, fuel, rent, heat, water and electricity
- Bank deposits of up to $500
- Earned but unpaid wages of up to $125 per week
- Certain tax exempt retirement accounts, life insurance proceeds or benefits
- Tools of one’s trade valued at up to $500
These are some of the Rhode Island bankruptcy exemptions, although these also vary depending on your particular situation:
- Up to $300,000 in real property used as your principal residence
- Motor vehicles valued at up to $12,000
- Household furnishings valued at up to $9,600
- Jewelry up to $2,000
- Tools of one’s trade valued up to $1,500
- Wildcard to be applied to any assets valued up to $5,000
If you would like to make sure you have the opportunity to take full advantage of the benefits that bankruptcy may have to offer, while ensuring your property is protected to the fullest extent of Massachusetts bankruptcy exemptions, contact our offices. During your consultation, you can get information that applies to your unique situation and can find out how we can help you reach your financial goals.
Contact a Massachusetts and Rhode Island bankruptcy lawyer at our firm today.