Governor Deval Patrick has now signed into law a long awaited provision increasing the automobile exemption that Massachusetts debtors can claim when filing for bankruptcy.
Under the new law, Massachusetts debtors can keep automobiles in which they have up to $7, 500 in equity when they file a bankruptcy case. This is an increase from the current $700 level.
Debtors over the age of sixty get an extra benefit, as they can exempt an automobile worth up to $15, 000.
The new law takes effect on April 7, 2011.
By Doug Beaton