Massachusetts Bankruptcy Exemptions
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Written by
Jeffrey Johnson
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UPDATED: Jul 16, 2021
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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
| 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. | |