| If you are looking to file bankruptcy in the state | | | | - Personal Property: Motor vehicle up to $700; |
| of Massachusetts, there are different types of | | | | furniture up to $3,000; clothing needed; beds and |
| bankruptcy to consider. | | | | bedding; heating unit; books up to $200 total; cash |
| - Chapter 7: referred to as liquidation; requires a | | | | up to $200 per month for rent, in lieu of |
| debtor to give up property which exceeds certain | | | | homestead; cash for fuel, heat, water, or |
| limits called exemptions so it can be sold to pay | | | | electricity up to $75 per month; bank deposits to |
| creditors | | | | $125; cash for food or food to $300; sewing |
| - Chapter 11: referred to as reorganization; mainly | | | | machine to $200; burial plots and tombs; church |
| for businesses or individuals very large amounts | | | | pew; 2 cows, 2 swine, 12 sheep, and 4 tons of |
| of debt | | | | hay. Co-op shares up to $100, bank, credit union, |
| - Chapter 12: reserved for families that are | | | | or trust company deposits up to $500 total. |
| farmers | | | | - Wages: Earned but unpaid wages up to $125 per |
| - Chapter 13: referred to as debt adjustment; | | | | week. |
| requires a debtor to file a plan to pay debts or | | | | Any property you have that meets the criteria |
| parts of debts from current income; exemptions | | | | set forth by the state cannot be taken from you. |
| also apply | | | | Your bankruptcy lawyer can help you determine |
| Exemptions Allow You to Keep Your Property | | | | exactly what you can keep and what you cannot, |
| Exemptions are allowed in Chapter 7 and 13 | | | | as well as which chapter you should file for. The |
| bankruptcies. These exemptions are defined by | | | | property that you own and the amount of debt |
| the state in which you are filing and disallow your | | | | that you have is used to determine which chapter |
| applicable property from being sold to pay your | | | | filing is for you. |
| debts. Some of the more important exemptions | | | | If you are considering filing for bankruptcy then |
| as defined by the state of Massachusetts are as | | | | you should be aware of how it is going to affect |
| follows: | | | | you and knowing what property you can keep is |
| - Homestead: $500,000 in property you occupy or | | | | an important part of that information. |
| intend to occupy. | | | | |