Homestead & Bankruptcy Exemptions
For most people, their home is the biggest investment they will ever make. So, when creditors threaten you and your family, it is important to know that you can take legal action to save your home. The knowledgeable lawyers at Frisoli Associates, P.C., in Cambridge, Massachusetts, help people and families protect the equity in their homes.
Massachusetts law allows many homeowners to file a Declaration of Homestead. This document allows homeowners to protect their property against unsecured creditors and can prevent the forced sale of a family home. After filing a homestead declaration, homeowners are protected for up to $500,000 of the value of their home. The law gives even more protection to the elderly and people with disabilities.
The Homestead Act and Bankruptcy
In a Chapter 7 bankruptcy, people go through an asset liquidation proceeding. They can often claim certain exemptions to protect their assets. If you have a Homestead Declaration in place under Massachusetts state law, you may actually be able to retain a much greater portion of the money from a liquidation sale of your home than you would normally be allowed to keep under federal bankruptcy law. In a Chapter 13 bankruptcy, having a Homestead Declaration in place may decrease the amount of money you have to pay through your Chapter 13 payment plan proposal.
State and Federal Bankruptcy Exemptions
Many other federal and Massachusetts state bankruptcy exemptions exist to protect your assets. Seek legal advice to determine your best course of action, especially if your home and your family's financial future are at risk. At Frisoli Associates, P.C., we work closely with you to help you understand the law. Our experienced attorneys are knowledgeable about the Homestead Act and other exemptions, and can answer any questions you may have about bankruptcy protection.
We are conveniently located in Bulfinch Square, near the Lechmere T stop in Cambridge, Massachusetts. Contact us online, or call our office at 617-494-0200 to schedule a confidential consultation about bankruptcy exemption with one of our experienced lawyers.
When representing consumer debtors in connection with bankruptcy, Frisoli Associates, P.C. is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A)."