Exempt Assets in Bankruptcy - MassLegalHelp



WORKSHEET for filling out SCHEDULE C: Listing your Exempt AssetsYou cannot mix and match. You must choose either the Federal or State exemptions. You can only use the exemptions listed in that column. Check the 1st column if you have the property and want to claim it as exemptWrite the value of your property in the last column. In the column next to each law write the value of the claimed exemption. This is the value of the property up to the amount allowed by that law. Circle the law and the value of the state or federal that protects the most of your property. Use a colored pen to make the circle. Count the circles in each column state law or federal lawThink about the protections of your property. Are your most important assets protected? If not, think about if you want to use the other category of exemptions to protect more.Pick whether you are going to use federal or Massachusetts exemptionsIf you have any single item that is worth over $600, list it separately on the Worksheet.Do you have this property?Description of PropertySpecify Law Providing each exemptionPICK EITHER:Current Value of Property Without Deducting Exemption Law: FederalLaw: State128270048006000Value of Claimed ExemptionValue of Claimed ExemptionReal Property from Schedule AReal property, including co-op or mobile home, to $22,975 or a burial plot89154014090650$125,000 Automatic Homestead; Property you occupy to $500,000 if record homestead Value of property up to the amount of the exemption state or federalOr $2,500 month rentSpouse or child of deceased owner may claim homestead exemptionMoney on Hand from Schedule B Cash on hand Checking, SavingsSecurity deposits with landlord or utility company18. Tax refund or other money owed to debtorExempt income source see belowBank deposits to $2,500Money necessary for debtor’s family not over $600Cash for fuel, heat, water or light up to $500 per monthExempt income source see belowOther Personal property from Schedule B 4) Household goods and furnishings5) books, pictures, collectibles music6) clothes7) furs and jewelry8) guns, hobby or sports equipment26) boats and boating equipmentHousehold goods, furnishings, clothes, Animals, crops, clothing, appliances, books, musical instruments to $575 per item, $12,250 totalclothing, beds and bedding for the debtor and the debtor’s family, and certain appliances; 2 cows, 12 sheep, 2 swine, 4 tons of hayHome furnishings to $15,000;Booksto $500one computer, one TV, sewing machine to $300Jewelry to $1,550Jewelry $1,225Burial plots, tombs and church pewPersonal Vehicles from Schedule B 25) Cars, TrucksMotor vehicle to $3,675Automobile$7,500 wholesale, $15,000 for disabled or elderlyMotor vehicleTools of TradeImplements, books & tools of trade to $2,300If you are in the armed forces, arms, equipment, and uniforms you are required to have Boats, fishing tackle and nets of fisherman up to $1,500Materials you designed and created up to $5,000Tools, implements up to $5,000;WILD CARD and other exemptions$1,225 of any propertyPlus unused portion of homestead to $12,250 may be applied to any property$1,000 plus up to $5,000 of unused automobile, tools of the trade, and household furniture exemptions.Prescribed Health aidsPersonal injury recoveries to $22,975 (not to include pain and suffering or pecuniary loss)Wrongful death recoveries for person debtor depended onInsuranceLife insurance policy with loan value, in accrued dividends or interest, to $12,250Life or endowment policy, proceeds or cash valueGroup life insurance policyUnmatured life insurance contract, except credit insurance policyLife insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditorsGroup annuity policy or proceedsLife insurance policy if beneficiary is married womanLife insurance annuity contract which says it’s exemptLife insurance payments to you if you if were a dependent of the person who died and you need the money to support yourself Fraternal benefit society benefitsMedical malpractice self-insurancePensionsERISA-qualified benefits because of age or disability that you need to support yourself from stock, pension, annuity or profit sharingERISA-qualified benefitsPrivate retirement benefitsPublic employeesExempt IncomeDisability, illness or unemployment benefitsDisability benefits to $400 per weekPublic assistanceTAFDCSocial SecurityAid to ages, disabledUnemployment compensationUnemployment compensationVeterans' benefitsVeterans’ benefitsDisability, illness or unemployment benefitsWorkers’ compensationAlimony, Support, or maintenance to the extent reasonably necessary to support your dependentsProperty of business partnershipLoss of Future earnings compensation to the extent necessary for support of your dependents.Crime victims' compensationLost earnings paymentsWagesSavings bank employeesEarned but unpaid wages of $217.50 /week or 75% of your net wages, after taxes, if you make more than $217.50 /week 75% of your net income after taxes the weekly amount may not exceedthe lesser of two figures: 25 percentof the employee's disposable earnings, or the amount bywhich an employee's disposable earnings are greaterthan 30 times the federal minimum wageEarned but unpaid wages of $450/week or 85% of your gross wages if you make more than $450/week ................
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