Bankruptcy Exemptions, What Assets Can I Keep?

Massachusetts bankruptcy exemptions

  • Will I be able to stay in my house after bankruptcy?
  • What will happen to my car after I file bankruptcy?
  • Will my retirement account be compromised?

If these concerns sound familiar, you are not alone. The majority of individuals who file for bankruptcy have real fears about losing their homes, cars, and other valuable assets.

This is a real concern especially in a Chapter 7 bankruptcy filing in which some assets could potentially be sold or liquidated. Fortunately, there are federal and state bankruptcy exemptions that protect some of your assets.

To find out more about what assets you can keep in your specific financial circumstances, it is important contact Massachusetts bankruptcy attorney Gregory Oberhauser.

Oberhauser Law has been providing exceptional and compassionate bankruptcy law representation in Massachusetts for over a decade. Attorney Oberhauser always provides his clients with detailed options so that they can make informed decisions regarding their financial situations.

Whether you are considering Chapter 7 or Chapter 13 bankruptcy, you need Oberhauser Law.

Exempt Assets

Under a Chapter 13 bankruptcy, the debtor is in agreement with creditors to pay debts under a three- to five-year repayment plan. As long as the debtor keeps up with this payment plan, he or she can keep many of their possessions and assets. After the payment plan is over, all remaining unsecured debt is discharged.

A Chapter 7 bankruptcy filing is different, however, because all unsecured debt is immediately discharged. There is also the potential for nonexempt assets to be sold.

In some situations Chapter 7 is called a “no-asset” bankruptcy because the trustee does not think there is enough nonexempt asset value to merit selling.

Exempt assets include:

  • Homestead exemption
  • Automobiles ($2,000 equity)
  • Family heirlooms
  • Furniture
  • Engagement and wedding rings
  • Prescribed durable medical equipment (DME)
  • Retirement accounts (401(k), pension, etc.)
  • Business assets

Bankruptcy law is very detailed and complicated, and exemptions can vary from individual to individual. Each bankruptcy situation is different and may be subject to Massachusetts and federal bankruptcy laws. An experienced lawyer can help navigate you through this difficult time and ensure that your assets are protected every step of the way.

Contact Us for a Free Initial Bankruptcy Consultation

  • Are you are looking to a fresh financial start?
  • Would you like to end the cycle of debt?
  • Are you tired of receiving harassing phone calls from creditors?

At Oberhauser Law, we provide experienced bankruptcy law services, including both Chapter 7 and Chapter 13 bankruptcy.

Call us at 978-452-1116, today for a free initial consultation.