What Creditors Can't Take in Massachusetts
Money, home and vehicle exemptions that protect your property from creditors in Massachusetts.
Short answer: $2,500 in a bank or credit union account of an individual is exempt from attachment by trustee process; the bank must answer only for money above $2,500. A person may have only one $2,500 exemption at a time. M.G.L. c. 246, § 28A; c. 235, § 34 (Fifteenth)
| Money protected in a bank account | $2,500 in a bank or credit union account of an individual is exempt from attachment by trustee process; the bank must answer only for money above $2,500. A person may have only one $2,500 exemption at a time. Public assistance payments are fully exempt. c. 235, § 34: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleII/Chapter235/Section34 |
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| Homestead exemption | An automatic homestead exemption of $125,000 protects an owner's principal residence without any filing. A larger declared homestead exemption, created by recording a written homestead declaration at the registry of deeds, is $1,000,000 under the current statute text. It does not protect against taxes, earlier liens, mortgages or support orders. Renters may instead protect up to $2,500 a month needed for rent. § 3 exceptions: https://malegislature.gov/Laws/GeneralLaws/PartII/TitleI/Chapter188/Section3. |
| Vehicle exemption | One automobile needed for personal transportation or work, up to $7,500 in wholesale resale value; up to $15,000 if owned or substantially used by a debtor who is disabled or age 60 or older. Up to $5,000 of unused vehicle, furniture and tools exemptions can be added to a $1,000 general personal-property exemption (Seventeenth). Source: M.G.L. c. 235, § 34 (Sixteenth) |
More Massachusetts debt & collections
- Statute of Limitations on Debt in Massachusetts
- Wage Garnishment in Massachusetts
- How to Respond to a Debt Collection Lawsuit in Massachusetts
- All Massachusetts debt & collections rules
FAQ
How much money in a bank account is protected from creditors in Massachusetts?
$2,500 in a bank or credit union account of an individual is exempt from attachment by trustee process; the bank must answer only for money above $2,500. A person may have only one $2,500 exemption at a time. Public assistance payments are fully exempt.
What is the homestead exemption in Massachusetts?
An automatic homestead exemption of $125,000 protects an owner's principal residence without any filing. A larger declared homestead exemption, created by recording a written homestead declaration at the registry of deeds, is $1,000,000 under the current statute text. It does not protect against taxes, earlier liens, mortgages or support orders. Renters may instead protect up to $2,500 a month needed for rent.
Can a creditor take my car in Massachusetts?
One automobile needed for personal transportation or work, up to $7,500 in wholesale resale value; up to $15,000 if owned or substantially used by a debtor who is disabled or age 60 or older.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.