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

Episode Summary: In this episode, Barry Levine, a seasoned Massachusetts bankruptcy attorney, dispels common myths surrounding bankruptcy and home ownership. He explains how Massachusetts laws offer a robust homestead exemption, allowing individuals to protect substantial equity in their primary residence during bankruptcy. From debunking misconceptions to outlining the intricacies of chapter 7 and chapter 13 bankruptcies, this episode offers valuable insights for anyone navigating financial challenges. Key Timestamps: 00:01 – Show Introduction 00:53 – Why Many People Believe Bankruptcy Means Losing Their Home 01:30 – Understanding the Massachusetts Homestead Exemption 02:36 – How Equity Is Calculated in Chapter 7 03:40 – How to Record a Homestead in Massachusetts 04:20 – How Much Equity Can Be Protected (Up to $1 Million) 04:45 – Chapter 13 and Mortgage Arrears 06:10 – When Home Value and Mortgage Balance Matter 06:50 – What Happens If There’s Very Little Equity 07:20 – Stopping Foreclosure with the Automatic Stay 08:00 – When Bankruptcy Could Put a Home at Risk 08:35 – What Homeowners Should Evaluate First Before Filing About the Show: *Bankruptcy through the Looking Glass* is a podcast featuring insights from Barry Levine, a distinguished Massachusetts bankruptcy attorney with over 40 years of experience. The show aims to demystify bankruptcy laws, providing practical guidance for individuals and small business owners facing financial hardships.