Foreclosure & Alternatives Law

Can I Keep My Home If I File Bankruptcy in Massachusetts?

Massachusetts law provides homeowners with a generous homestead exemption if they face bankruptcy. Massachusetts homeowners have the first $500,000 worth of equity in their property protected from unsecured creditors. That means that as long as the homeowner does not have significantly more than $500,000 worth of equity in the home and can continue to pay the lender the regular mortgage payments that the homeowner is unlikely to lose his or her home during a bankruptcy proceeding.