Has anyone filed Ch 7 in MA who can explain how they survived using the MA exemptions?
This is my first post here, but have been "lurking" for close to 6 months ... so glad I found this forum!!
We plan on filing ch 7 using the MA exemptions, but I have several concerns.
1) Do these exemptions only last during the bankruptcy proceedings? Seems most folks get through these proceedings within 3 to 4 months.
2) How do folks live with these extensions?
Looking at http://www.legalconsumer.com/bankrup...law.php?&ST=MA I see we can have a homestead exemption up to $500,000 ... our equity is less than half that, but after 19 years here we really want to keep our home.
But everything else looks way out of whack:
a) I've been self-employed for 15 years and my wife is disabled, so I'm not sure how wages are determined, but MA exemption is "Earned but unpaid wages to $125 per week" ... whatever that means.
b) Auto: $700 ... not an issue, as I lease my car
c) 2 cows, 12 sheep, 2 swine, 4 tons of hay ... yeah, right.
d) Bank deposits to $125. I assume that means we can have $250 combined in our bank accounts ... that ought to go far!
e) Cash for fuel, heat, water, or light to $75 per month ... guess we can't file in the Winter. Oil heat alone costs us $600/mo.
f) Food or cash for food to $300 ... gee, I hope they mean $300 a month!
g) Trust company, bank, or credit union deposits to $500 ... didn't item d say $125?
I'm sure our atty will explain all this sooner or later, but frankly I trust this forum more than any one individual.
Thanks!
This is my first post here, but have been "lurking" for close to 6 months ... so glad I found this forum!!
We plan on filing ch 7 using the MA exemptions, but I have several concerns.
1) Do these exemptions only last during the bankruptcy proceedings? Seems most folks get through these proceedings within 3 to 4 months.
2) How do folks live with these extensions?
Looking at http://www.legalconsumer.com/bankrup...law.php?&ST=MA I see we can have a homestead exemption up to $500,000 ... our equity is less than half that, but after 19 years here we really want to keep our home.
But everything else looks way out of whack:
a) I've been self-employed for 15 years and my wife is disabled, so I'm not sure how wages are determined, but MA exemption is "Earned but unpaid wages to $125 per week" ... whatever that means.
b) Auto: $700 ... not an issue, as I lease my car
c) 2 cows, 12 sheep, 2 swine, 4 tons of hay ... yeah, right.
d) Bank deposits to $125. I assume that means we can have $250 combined in our bank accounts ... that ought to go far!
e) Cash for fuel, heat, water, or light to $75 per month ... guess we can't file in the Winter. Oil heat alone costs us $600/mo.
f) Food or cash for food to $300 ... gee, I hope they mean $300 a month!
g) Trust company, bank, or credit union deposits to $500 ... didn't item d say $125?
I'm sure our atty will explain all this sooner or later, but frankly I trust this forum more than any one individual.
Thanks!