Changes in store for Massachusetts bankruptcy exemptions

It’s not a done deal yet, but there are possible changes coming down the pike for Massachusetts debtors in the form of updated bankruptcy exemptions under state law.

The most important of the changes raises the exemption allowed for equity in an automobile from a measly $700 to a more modern level of $7,500. For debtors over the age of 60, the new exemption will be $15,000.

The state legislature approved the changes in the waning hours of 2010. All that is needed now is for Governor Deval Patrick to sign the bill in to law.

When and if that happens, I will let you know here on this page.

 

By Doug Beaton

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