Bankruptcy Exemptions
Personal Bankruptcy Attorneys — Boston, Massachusetts
The bankruptcy process isn't about punishing the debtor. If it were, we'd be putting people behind the proverbial eight-ball after bankruptcy and setting them up for more bankruptcies in the future. Instead, bankruptcy is about leaving the debtor in a position to have a truly meaningful fresh start. Exemptions play an important role in accomplishing this.
Make your fresh start as meaningful as possible. Contact our bankruptcy lawyers today and discuss the exemptions that may be available to you.
At the Law Offices of Richard N. Gottlieb, we have decades of bankruptcy experience to offer and provide our services in an environment that fosters individualized attention, teamwork and creative solutions to debt problems.
What Exemptions Can You Claim?
Here, debtors can use either the federal exemptions or the exemptions for the Commonwealth of Massachusetts. Both sets allow for the homestead exemption, exemptions for cars, personal property and "tools of the trade" exemptions, and exemptions for certain types of benefits and retirement accounts. However, there are some important differences.
In Massachusetts, exemptions for real property and individual retirement accounts are much more favorable than the federal exemptions in these areas. Other exemption amounts, for personal property and cars, have changed very little since World War I. An example of this would be the $700 motor vehicle exemption allowed by Massachusetts versus the federal exemption amount of $3,225.
Our lawyers can use the differences between these two sets of exemptions to your advantage so that you will be in a much better position to succeed financially once the bankruptcy process is complete.
Help is Here. Hope is Here.
Call 617-830-1389 for a Free, "Debt-Free" Consultation
Call us in Boston, Massachusetts, or contact us online for a free initial consultation with a lawyer. Office hours: Monday through Friday from 9 a.m. to 5 p.m. and by appointment. Cancellations and reschedules require a 24-hour notice or a $25 fee will apply.
