Massachusetts Bankruptcy Homestead Law
The Massachusetts Bankruptcy Homestead Law protects some of the equity you have in your home. For most people, keeping their homes is a high priority during bankruptcy. Before filing for Chapter 7 or Chapter 13 bankruptcy, you must understand your potential homestead exemptions. If you are not sure what this means and you’re planning to file bankruptcy, make sure to consult with our Massachusetts bankruptcy law firm first!
Why Do I Need a Bankruptcy Homestead Law Attorney in Massachusetts?
If you want to protect your home, you need someone who knows what to do. Sure, you can look it up online, but do you want to stake the value of your home on a random Google search?
Or would you rather have the legal advice of someone who lives and breathes the US bankruptcy code (including bankruptcy exemptions)?
Don’t take that risk. Work with a trusted Massachusetts homestead bankruptcy attorney to ensure everything goes right.
Eric Kornblum has helped many Bay Staters attain financial freedom. For over two decades, our law firm has guided people from the initial consultation all the way to the discharge of their debt, even beyond bankruptcy! We are happy to end the stress from your piling financial obligations.
By partnering up with us, we can work together to:
- Eliminate most (if not all) of your debts.
- Prevent foreclosure of your home
- Stop the repossession of your property
- Restore your terminated utilities
- End collection activities like debt collector harassment or wage garnishment
If you’re ready to start a debt-free life, schedule a conversation with us today!
What Is a Homestead?
A homestead is a home that you either occupy or intend to occupy as your primary residence. It can be a single-family house, condominium, or up to four-unit multifamily property. The homestead exemption also applies to mobile homes, manufactured homes, and cooperatives.
If you rent your residence, it is not eligible for the Massachusetts homestead exemption. However, you may be exempt for some amount for rental payments.
Federal and Massachusetts Bankruptcy Homestead Law Protections
In Massachusetts, you can choose between federal or state exemption rules. While this article focuses on the Massachusetts bankruptcy homestead law, you also can elect to use the federal exemption system. Contact a Springfield debt attorney if you need help deciding which exemption system to use.
Under state law, all Massachusetts homesteads are automatically entitled to a certain amount of exemption. However, if you record a “Declaration of Homestead” with the Registrar of Deeds, your homestead exemption increases significantly. Since filing a Declaration of Homestead is a fairly simple process, it is typically in your best interest to file this form.
The homestead exemption also applies to a principal residence held in trust. In these cases, the trustee must file a Declaration of Homestead that identifies who has homestead protections. Anyone who resides in the home may assert homestead protections, even if they are not beneficiaries of the trust.
If you have questions about Massachusetts bankruptcy exemptions, you should book a conversation with Eric Kornblum. Call our law office today to learn more!
Additional Benefits for Disabled and Elderly Claimants
Unlike other exemptions, most married couples cannot double the state homestead exemption during bankruptcy. However, there is an important exception to this rule. If you are an elderly (at least 62 years old) or disabled homeowner, you and your spouse can combine your homestead exemptions.
Again, an experienced Springfield debt attorney can help you understand how to apply the exemptions to your claim.
Start Living Worry-Free Today!
Eric has been helping clients discharge their debts for over 20 years. If you need help with filing bankruptcy, negotiating debts, avoiding foreclosure, and keeping your properties, you’ve come to the right place. Talk to us. We’re ready to listen!
Will Filing Bankruptcy Stop a Foreclosure?
Under federal law, an automatic stay is imposed after you file for bankruptcy. While your bankruptcy is pending, your creditors (including your mortgage holder) must pause their collection or foreclosure processes. While the automatic stay is not a long-term solution, it gives you and your bankruptcy lawyer time to assess your situation and work on eliminating your mortgage and other debts.
Does the Homestead Exemption Cover my Furniture and Appliances?
Massachusetts bankruptcy homestead law only covers the residence itself, not your personal property within the home. Instead, Massachusetts provides other exemptions that cover some of your furniture, appliances, trade tools, and personal property. If you have questions about these exemptions, contact a Springfield debt attorney for more information.
What are the Homestead Exemption laws in Massachusetts?
The Massachusetts homestead exemption can be found at Mass. General Laws Chapter 188, 1-14 on the Massachusetts Legislature’s website
When Should I File a Massachusetts Bankruptcy
If you think that the state’s exemption rules work best for you, you must ensure that you qualify first. To file for bankruptcy in Massachusetts, you must have lived in the state for more than 180 days. However, if you want to use the state’s exemptions, you’ll need to have lived there for at least 730 days before filing.
If you’ve lived in multiple states in the two years before the bankruptcy filing, the exemptions that apply would be that of the state you resided in most of the time.
If you want to know if you qualify for Massachusetts homestead exemptions, you can ask our Springfield bankruptcy attorney for assistance!
A Springfield Debt Attorney Can Help You Live Debt Free
It can be difficult to understand the Massachusetts bankruptcy homestead law. At the Law Office of Eric Kornblum, we use over 20 years of experience to guide our clients through bankruptcy. Our goal is to provide you with financial independence and peace of mind. Contact us today for a confidential assessment.
Eric Kornblum, a Massachusetts bankruptcy lawyer, is a member of the Massachusetts Bar Association, the Hampden County Bar Association, the Real Estate Bar Association, the National Association of Consumer Bankruptcy Attorneys, and the American Bankruptcy Institute.
Aside from homestead exemption, our Springfield attorney offers the following services:
Start on the road to financial freedom by calling our law firm today!
MA bankruptcy lawyer Eric Kornblum graduated from State University of New York, Binghamton in 1989 and received his law degree in 1992 at Western New England College, School of Law. Since opening his own practice, Eric has been dedicated to helping his clients resolve their financial problems both in and out of court. 
