Category Archives: Exemptions

If you are receiving — or expect to receive in the future, disability benefits, you are not prevented from filing a bankruptcy case. There are two common sources for disability payments, social security and private insurance companies. Both types are covered by federal bankruptcy exemptions. The right to receive social security payments is exempt under […]

Massachusetts legislators recently increased the bankruptcy exemption for automobiles, but the new law doesn’t stop there. The new law, signed by the governor last week, and slated to take effect in early April, also allows debtors who use the Massachusetts bankruptcy exemptions to keep up to $2,500 in a savings or checking bank account when […]

Governor Deval Patrick has now signed into law a long awaited provision increasing the automobile exemption that Massachusetts debtors can claim when filing for bankruptcy. Under the new law, Massachusetts debtors can keep automobiles in which they have up to $7, 500 in equity when they file a bankruptcy case. This is an increase from […]

It’s not a done deal yet, but there are possible changes coming down the pike for Massachusetts debtors in the form of updated bankruptcy exemptions under state law. The most important of the changes raises the exemption allowed for equity in an automobile from a measly $700 to a more modern level of $7,500. For […]

By the time hunting season rolls around this fall, the federal bankruptcy code may have a specific exemption allowing debtors to keep firearms when they file a bankruptcy case. The House of Representatives has passed a bill that will create a new exemption covering “the debtor’s aggregate interest, not to exceed $3,000 in value, in […]