Many people who are struggling with overwhelming debt are scared to file for bankruptcy, because they are concerned that they are going to lose their assets. On March 16, 2011, a new Massachusetts Homestead Law went to into effect that greatly increased the property people are able to keep when filing for bankruptcy under Massachusetts law.
If you are considering bankruptcy, we can help. Contact our office online or call 339-203-4797 to schedule your free 60 minute consultation with one of our experienced Reading Homestead Act attorneys to learn about property exemptions.
Massachusetts Bankruptcy Exemptions Under the New Homestead Act
Under the Massachusetts Homestead Act, people don't have to worry about losing all of their property or assets in the bankruptcy process. The new law allows:
- Homeowners in Massachusetts to protect a certain amount of equity in their principal residence from unsecured creditors
- An automatic $125,000 homestead exemption regardless of whether you recorded a homestead declaration
- Homeowners to receive a $500,000 homestead protection by recording a homestead declaration
- Property held in a trust to be homesteaded
If you are divorcing or separating, we can review your paperwork and determine whether you should file a new homestead declaration after your divorce. Our knowledge in both divorce and bankruptcy allows us to anticipate future problems and issues that may arise if you or your spouse is anticipating filing for bankruptcy.
Contact Our Experienced Bankruptcy Lawyers Today
Contact our office online or call 339-203-4797 to schedule a free consultation to discuss your bankruptcy. We serve Burlington, Woburn, Reading and communities throughout the Commonwealth of Massachusetts.
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