Legal Question in Bankruptcy in Massachusetts

Exempt assets

Considering Chp.7 in 7/07. Will items purchased back in 2002, 2003 be exempt. I have one diamond ring and some high end audio equip. purchased at this time. Is there a timeline used to determine if a purchase is exempt or not.


Asked on 6/27/07, 5:57 pm

2 Answers from Attorneys
Taylor Greene Taylor A. Greene, Attorney at Law

Re: Exempt assets

With rare exception, time of acquisition has no effect. Rather, the kind of property and its value determine the availability of an exemption.

Read more
Answered on 6/28/07, 9:32 am
William McLeod McLeod Law Offices, PC

Re: Exempt assets

Timeline does not determine exemption (except in the case of a homestead exemption). The value of the property is the determinative factor.

Read more
Answered on 6/27/07, 6:15 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Massachusetts