It Is Very Likely You Can Keep Your Home
If you are hesitating to consider filing for bankruptcy protection because of what you might lose, check with an Acton home and asset protection attorney. You may be surprised at how many of your assets can be retained. At Scheier & Katin, P.C., our lawyers help people protect the things they have worked so hard to acquire.
Know your rights and know the law before you make a decision about whether to file for bankruptcy. For instance, although the Bankruptcy Code is a federal law, the code does allow for Massachusetts property exemptions which may be more beneficial than the alternative federal exemptions. However, you must choose either the Bankruptcy Code exemptions on the one hand or Massachusetts state law exemptions on the other.
Exempt Property Includes Home Equity and More
In Massachusetts, if you have owned your home for more than three and one-half years, up to $500,000 in equity can be exempted from being liquidated to satisfy most debts. Your pension, 401(k) accounts and your child's 529 accounts are also exempt in most cases.
In other words, a bankruptcy will not result in losing everything you own. Get counsel from an experienced bankruptcy lawyer. Find out which choice of exemptions will be in your best interests.
Massachusetts Foreclosure & Repossession Prevention Lawyer • 978-631-4310
Ask a lawyer if your property is protected in a bankruptcy. At Scheier & Katin, P.C., our attorneys know that just asking these questions is a difficult step for you to take. We want you to have all the facts. Contact us and let us know how we can help you.
