Two vehicles owned outright...2 exemptions?

[Waited2long]

I am a little confused as to the MA exemptions. We are filing soon for Chap 7 and own two vehicles outright. MA allows up to $7500.00 exemption for an automobile. Is this doubled if you file jointly and own two cars? Lawyer won't give me a straight answer yet except to say if I lose one just buy another. That it is worth the sacrifice after discharging a significant amount of unsecured debt. Seems to be difficult to do immediately after discharge. Want to to try to have a plan in place as currently there are three of us in the family using 2 cars. Losing one would make it difficult. (Not that I won't be extremely grateful to be rid of that credit card debt!) Any ideas would be appreciated.

[justbroke]

The key to every exemption set is that is "unless otherwise noted" exemptions are doubled. Luckily for you, Mass just updated their exemptions and the vehicle exemption went from a measly $700 to $7500. The way I read the exemption (statute) is that it is for the debtor. If you file jointly, then you are each a debtor and entitled to the exemption. There are parts of the Mass exemption scheme where it clearly reads that joint filers may not double. To me, this means that unless that is specified -- that you can't double -- then everything else may be doubled.

Best wishes.

(Side-note: you may want to find an attorney who KNOWS the exemption scheme better, and has actually had cases where they claimed a double exemption for motor vehicles in a joint case.)

[Waited2long]

The key to every exemption set is that is "unless otherwise noted" exemptions are doubled. Luckily for you, Mass just updated their exemptions and the vehicle exemption went from a measly $700 to $7500. The way I read the exemption (statute) is that it is for the debtor. If you file jointly, then you are each a debtor and entitled to the exemption. There are parts of the Mass exemption scheme where it clearly reads that joint filers may not double. To me, this means that unless that is specified -- that you can't double -- then everything else may be doubled.

Best wishes.

(Side-note: you may want to find an attorney who KNOWS the exemption scheme better, and has actually had cases where they claimed a double exemption for motor vehicles in a joint case.)

Thank you so much. That explanation actually clears up a lot of things when reading about exemptions.

[ValleYum]

It also may be worthy to note that the OP can choose to use the Federal bankruptcy exemptions which can all be doubled if filing jointly. The new MA exemptions are great but still do not have the generous wild-card that the Federal exemptions allow if the OP is not protecting equity in his/her home.

[Waited2long]

It also may be worthy to note that the OP can choose to use the Federal bankruptcy exemptions which can all be doubled if filing jointly. The new MA exemptions are great but still do not have the generous wild-card that the Federal exemptions allow if the OP is not protecting equity in his/her home.

Trying to protect about $100K in home equity. Federal may not be advantageous for me.