Q: I want to keep my house. should I claim state and federal non bankruptcy exemptions or just claim federal exemptions?
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A:
When deciding whether to claim state and federal non-bankruptcy exemptions or just federal exemptions, it’s important to compare the benefits each option offers. Massachusetts allows you to choose between the federal exemption system and the state exemption system, which can be different in terms of the protections provided for your home, personal property, and other assets.
If keeping your house is a priority, look closely at the homestead exemption limits under both systems. Massachusetts’ state homestead exemption may offer more protection for your home equity than the federal exemption, but this will depend on your specific situation, such as the value of your home and any existing mortgages.
It’s a good idea to weigh the value of all your assets and consult the specific exemptions that apply to each. Take your time to understand the details and make a choice that best aligns with your financial goals and the protection you need.
Timothy Denison agrees with this answer
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