The references to Massachusetts statutes are to the Massachusetts General Laws.
| Massachusetts Bankruptcy Exemptions
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| Assets |
Exemption |
State Statute |
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| Homestead |
Property debtor occupies or
intends to occupy, including mobile home: up to $500,000. There are special
provisions for owners over 62 or disabled, but the same total exemption. |
188-1; 188-1A |
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Debtor must record a homestead
declaration before filing for bankruptcy in order to take a homestead
exemption, unless the title to the property already contains a statement of
homestead. |
188-2 |
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The spouse or children of a
deceased owner of a homestead may claim the exemption. |
188-4 |
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Property of a married couple
held by tenancy in the entirety: all may be exempt if only one spouse
incurred the debt for purchases that were not necessities. |
209-1 |
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| Insurance |
Disability benefits: up to $400
per week. |
175-110A |
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Life insurance/annuity contract
proceeds: all if a clause in the contract forbid the use of proceeds to pay
the beneficiary's creditors. |
175-119A |
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Life or endowment
policy/proceeds/cash value: all. |
175.125 |
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Life insurance policy: all if
beneficiary is a married woman. |
175.126 |
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Group annuity policy/proceeds:
all. |
175-132C |
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Life insurance (group) policy:
all. |
175.135 |
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Self-insurance for medical
malpractice: all. |
175F-15 |
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Fraternal benefit society
benefits: all. |
176-22 |
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| Miscellaneous |
Property owned by business
partnership: all. |
108A-25 |
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| Pensions |
Federal pension exemptions. |
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Public employee pensions: all. |
32-19 |
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Private retirement benefits:
all. |
32-41 |
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Savings bank employee pensions:
all. |
168-41; 168-44 |
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Credit union employee pensions:
all. |
171-84 |
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IRAs, Keoghs, and
ERISA-qualified benefits: all. |
235-34A; 246-28 |
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| Personal Property |
Moving expenses for property
taken under eminent domain: all. |
79-6A |
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Bank deposits: up to $125. |
235-34 |
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Heating unit, clothing, beds and
bedding: all. |
235-34 |
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Books, including Bible: up to
$200 total. |
235-34 |
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Sewing machine: up to $200. |
235-34 |
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Burial plots, tombs, and church
pews: all. |
235-34 |
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Cash to pay for fuel, heat,
water, or light: up to $75 per month. |
235-34 |
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Cash to pay for rent: up to $200
a month for those not claiming a homestead. |
235-34 |
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Cooperative association shares:
up to $100. |
235-34 |
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Cash for food or food: up to
$300. |
235-34 |
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Furniture: up to $3,000 total. |
235-34 |
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Motor vehicle: up to $700. |
235-34 |
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Livestock and feed: up to 2
cows, 12 sheep, 2 swine, and 4 tons of hay. |
235-34 |
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Deposits in a bank, trust
company, or credit union: up to $500. |
246-28A |
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| Public Benefits |
Veterans' benefits: all. |
115-5 |
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Aid to families with dependent
children benefits: all. |
118-10 |
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Unemployment compensation
benefits: all. |
151A-36 |
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Workers' compensation benefits:
all. |
152-47 |
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Public assistance benefits: all. |
235-34 |
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| Tools of Your Trade |
Uniforms, arms, and other
accoutrements: all necessary for trade. |
235-34 |
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Fishing boats, tackle, and nets:
up to $500. |
235-34 |
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Materials for trade designed and
procured by the debtor: up to $500. |
235-34 |
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Tools, implements, and fixtures
used for trade: up to $500 total. |
235-34 |
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| Wages |
Wages, earned but not yet paid:
up to $125 per week. |
246-28 |
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| Wildcard |
No exemption. |
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