Legal Question in Bankruptcy in Massachusetts

Re: assets

Hello,

Massachusetts permits individuals owning real estate and who use the property as their primary residence to protect their equity interest up to $300,000 if a vaid Homestead Declaration has been put on their home prior to the filing of the bankruptcy petition. So, if in fact you have $50,000 in equity in the property & the property is your primary residence, and you have a valid Homestead Declaration, then it is very likely that your home would be protected. You are best advised speaking with an attorney who can best advise you regard your home and other assets.

I hope this helps.

Attorney Michael Eramo

Re: assets

The bankruptcy law allows you to claim some property as "exempt", which means that creditors and the bankruptcy trustee cannot take it. In Massachusetts, you can use the "homestead" exemption, which protects the equity up to $300,000. So, if you have only about $50,000 in equity, you should be ok. Just be sure a homestead declaration is recorded at the registry of deeds BEFORE you file. Having a lawyer helps with this. Call me if you'd like an appointment to go over your situation. David Baker 617-367-4620