Massachusetts Bankruptcy Exemptions

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Federal bankruptcy exemptionsavailable? YES

The references to Massachusetts statutes are to the Massachusetts General Laws.

Resources:

United States Bankruptcy Court, District of Massachusetts

Massachusetts Bankruptcy Attorneys

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Massachusetts Bankruptcy Exemptions
Assets Exemption State Statute
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
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
The spouse or children of a deceased owner of a homestead may claim the exemption. 188-4
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
Insurance Disability benefits: up to $400 per week. 175-110A
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
Life or endowment policy/proceeds/cash value: all. 175.125
Life insurance policy: all if beneficiary is a married woman. 175.126
Group annuity policy/proceeds: all. 175-132C
Life insurance (group) policy: all. 175.135
Self-insurance for medical malpractice: all. 175F-15
Fraternal benefit society benefits: all. 176-22
Miscellaneous Property owned by business partnership: all. 108A-25
Pensions Federal pension exemptions.
Public employee pensions: all. 32-19
Private retirement benefits: all. 32-41
Savings bank employee pensions: all. 168-41; 168-44
Credit union employee pensions: all. 171-84
IRAs, Keoghs, and ERISA-qualified benefits: all. 235-34A; 246-28
Personal Property Moving expenses for property taken under eminent domain: all. 79-6A
Bank deposits: up to $2,500. 235-34
Heating unit, clothing, beds and bedding: all. 235-34
Books, including Bible: up to $500 total. 235-34
Sewing machine: up to $300. 235-34
Burial plots, tombs, and church pews: all. 235-34
Cash to pay for fuel, heat, water, or light: up to $500 per month. 235-34
Cash to pay for rent: up to $2,500 a month for those not claiming a homestead. 235-34
Cooperative association shares: up to $100. 235-34
Cash for food or food: up to $600. 235-34
Furniture: up to $15,000 total. 235-34
Motor vehicle: up to $7,500. 235-34
Livestock and feed: up to 2 cows, 12 sheep, 2 swine, and 4 tons of hay. 235-34
Deposits in a bank, trust company, or credit union: up to $2,500. 246-28A
Public Benefits Veterans' benefits: all. 115-5
Aid to families with dependent children benefits: all. 118-10
Unemployment compensation benefits: all. 151A-36
Workers' compensation benefits: all. 152-47
Public assistance benefits: all. 235-34
Tools of Your Trade Uniforms, arms, and other accoutrements: all necessary for trade. 235-34
Fishing boats, tackle, and nets: up to $1,500. 235-34
Materials for trade designed and procured by the debtor: up to $500. 235-34
Tools, implements, and fixtures used for trade: up to $5,000 total. 235-34
Wages Wages: Amount not exceeding 85% of gross wages or 50 times the greater of the federal or Massachusetts hourly minimum wage. 246-28
Wildcard No exemption.

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