FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All Bankruptcy law references are to Massachusetts Code unless noted.

ASSET

EXEMPTION

LAW PROVISION

HOMESTEAD

The land and building which is owned, occupied or intended to be occupied by an individual as his principal residence is generally exempt from levy on execution and sale for payment of debts to the extent of $500,000.00.

Any person who is 62 years of age or older, and has filed an elderly or disabled person's declaration of homestead, may be entitled to a homestead exemption on the real property or manufactured home which he uses, occupies, and intends to use and occupy as his principal residence to the extent of $500,000.00.

188.1,







188-1A

Must record homestead declaration before filing bankruptcy

188-2

Spouse or child of deceased owner may claim homestead exemption

188-4

Property held as tenancy be the entirety may be exempt against non-necessity debts

209-1

PERSONAL PROPERTY

Bank deposits to $125; food or cash for food to $300

235-34

Beds, bedding and heating unit; clothing needed

235-34

Bibles and books to $500 total; sewing machine to $300

235-34

Burial plots, tombs and church pew

235-34

Cash for fuel, heat, water or light to $500 per month

235-34

Cash to $200 per month for rent, in lieu of homestead

235-34

Cooperative association shares to $100

235-34

2 cows, 12 sheep, 2 swine, 4 tons of hay

235-34

Furniture to $15,000; motor vehicle to $7,500 ($15,000 if disabled)

235-34

Moving expenses for eminent domain

79-6A

Trust company, bank or credit union deposits to $500

246-28A

INSURANCE

Disability benefits to $400 per week

175-110A

Fraternal benefit society benefits

176-22

Group annuity policy or proceeds

175-132C

Group life insurance policy

175-135

Life or endowment policy, proceeds or cash value

175-125

Life insurance annuity contract which says it’s exempt

175-125

Life insurance policy if beneficiary is married woman

175-126

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors

175-119A

Medical malpractice self-insurance

175F-15

MISCELLANEOUS

Property of business partnership

108A-25

PENSIONS
also see wages

ERISA-qualified benefits

235-34A, 246-28

Private retirement benefits

32-41

Public employees

32-19

Savings bank employees

168-41, 168-44

PUBLIC BENEFITS

AFDC

118-10

Aid to ages, disabled

235-34

Unemployment compensation

151A-36

Veterans’ benefits

115-5

Workers’ compensation

152-47

TOOLS OF TRADE

Arms, accouterments and uniforms your required to keep

235-34

Boats, fishing tackle and nets of fisherman to $1,500

235-34

Materials you designed and procured to $5,000

235-34

Tools, implements and fixtures to $5,000 total

235-34

WAGES

85% of your gross earnings, or 50 times the Massachusetts minimum hourly wage per week (whichever is greater).

246-28