Massachusetts Bankruptcy Laws

Homestead

Residence worth $ 500,000 either owned or leased and $ 200 rent per month for the homestead occupied by debtor or his/her dependent.

Household Furniture

Regular house hold furniture of worth $ 3,000.

Professional Tools

Tools and implements required for carrying on trade or business up to worth $ 500 and another $ 500 for materials used in trade or business.

Bible and Books

Up to the extent of $ 200.

Household Goods

An amount not exceeding $ 125 for each week.Note Wages of the seamen are exempted to 100 %.

Family Requirement

Up to $ 300 for family requirements.

Auto Requirement

Auto exemption is there for $ 700.

Fishing Tools

For fishermen fishing tools are exempted up to the extent of $ 500 to the fishermen only.

Sewing Machine

One sewing machine is exempted not exceeding $ 200 for that.

Disability Payments

Disability insurance payments are exempted up to the extent of $ 400 per week.

Pension Benefits

Pension Benefits up to the extent of $ 100 per week.

Bank balance

Cash in accounts up to the extent of $ 500.

Co-operative Share

Share in co-operative associations up to the extent of $ 100 in value in total.

Total or Absolute Exemptions for