Massachusetts Bankruptcy Exemptions
Homestead
188-1 & 188-1A - $500,000 in property you occupy or intend to occupy; if
over 65 or disabled, also applies to "manufactured home." If title does not
have a statement of homestead, a homestead declaration must be recorded
before filing for bankruptcy.
188-4 - The spouse or children of a deceased owner may claim the homestead
exemption.
209-1 - Tenancies by the entirety, regardless of value, are exempt as to the
debts of one spouse, unless the debt was "incurred on account of
necessaries" for either spouse or a family member.
Personal Property
79-6A - Moving expenses for eminent domain (that is, if the government took
your property).
235-34 - Motor vehicle up to $700; furniture up to $3,000; clothing needed;
beds and bedding; heating unit; books up to $200 total; cash up to $200 per
month for rent, in lieu of homestead; cash for fuel, heat, water, or
elec¬tricity up to $75 per month; bank deposits to $125; cash for food or
food to $300; sewing machine to $200; burial plots and tombs; church pew; 2
cows, 2 swine, 12 sheep, and 4 tons of hay. Co-op shares up to $100.
246-28A - Bank, credit union, or trust company deposits up to $500 total.
Wages
246-28 - Earned but unpaid wages up to $125 per week.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
32-19 - Public employees.
32-41 - Private retirement benefits.
168-41 & 168-44 - Savings bank employees.
171-84 - Credit union employees.
235-34A & 246-28 - ERISA-qualified benefits, IRAs and Keoghs to specific
limits included.
Public Benefits
115-5 - Veterans' benefits.
118-10 - AFDC
151A-36 - Unemployment compensation.
152-47 - Workers' compensation.
235-34 - Public assistance.
Tools of Trade
235-34 - Tools, implements and fixtures up to $500 total; materials you
designed and procured up to $500; boats, nets, and fishing tackle of
fisherman up to $500; arms, uniforms, and accoutrements you are required to
keep.
Insurance
175-110A - Disability benefits up to $400 per week.
175-119A - Life insurance proceeds if policy prohibits use to pay creditors.
175-125 - Life or endowment policy, proceeds, dividends, interest, loan,
cash, or surrender value.
175-126 - Life insurance policy if beneficiary is a married woman.
175-132C - Group annuity policy or proceeds.
175-135 - Group life insurance policy.
175F-15 - Medical malpractice self-insurance.
176-22 - Fraternal benefit society benefits.
Miscellaneous
108A-25 - Business partnership property.