How To Protect Your Home in Bankruptcy

Many people are concerned that they could loose their home in bankruptcy.  The key is that you need to be able to protect your equity.  In Massachusetts we have a very strong Homestead Act:

Homestead – protect your home from bankruptcy proceedings:


  1. Regular Homestead (M.G.L. c. 188 s. 1) Available to everyone but protects only up to $500,000.00 equity per family. Only 1 person can file. If the property is jointly held by husband and wife.
  2. Elderly and Disabled Person’s Homestead (M.G.L. c. 188 s. 1A) For persons 62 years of age or older and statutorily disabled persons. Protects up to $500,000.00 equity per person.


  1. Must be your principal residence.
  2. Must file Homestead Declaration with Registry of Deeds if a home, with City/Town Clerk if mobile home.

Protects Homestead against attachment, levy on execution, and sale for debts accrued after filing of Homestead. May offer valuable protection should you file bankruptcy.

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