Understanding Bankruptcy : Laws and Exemptions

On this episode of Bankruptcy Through the Looking Glass, Barry Levine and Sam Heninger discuss exemptions in bankruptcy, highlighting how they are the same in both Chapter 7 and Chapter 13 bankruptcies. They explain the option to choose between federal and state exemptions, with a focus on real estate exemptions in Massachusetts. Barry shares a personal experience about the importance of recording a new homestead after turning 62 to protect equity up to a million dollars. Tune in for valuable insights on navigating bankruptcy exemptions.

Timestamps

00:00:26 - Understanding Exemptions in Bankruptcy

00:01:10 - Federal vs. State Exemptions in Massachusetts

00:01:31 - Real Estate Exemptions and Homestead Rules

00:02:25 - Other Common Exemptions

00:02:57 - Exemptions for Savings and Stock Holdings

00:03:28 - Homestead Exemptions in Different States

00:03:59 - Case Study: Homestead Exemption Strategy

00:05:02 - Trustee's Role and Compensation

00:05:34 - Misconceptions About Bankruptcy Abuses

00:06:41 - Defining Dischargeable Debts

00:07:57 - Automatic Stays Explained

00:10:13 - Rights of Creditors in Bankruptcy

00:16:18 - Closing Remarks and Personal Anecdotes

 

About The Show

Join Barry Levine on Bankruptcy Through the Looking Glass for insightful discussions, expert advice, and real-life stories that shed light on the complexities of bankruptcy law and financial recovery.