Massachusetts Bankruptcy Exemption Procedures
In each case, all assets and liabilities are thoroughly reviewed. In particular, assets covered by Massachusetts bankruptcy exemptions receive strict scrutiny for conformity with an applicable exemption statute, and further, are routinely subjected to exhaustive verification. As a starting point, trustees (as adopted assistants of the U.S. Department of Justice) retain access to extensive federal, state and local databases. The federal government also actively seeks and gains access to commercial databases through a wide assortment of arrangements. Voluntary, involuntary and covert, government data and information gathering activities are virtually unlimited after the implementation of the "sneak and peak" policy which replaced the "probable cause" restrictions on warrants. With this standard, the U.S. Department of Justice considers all people, businesses and organizations fair game, without notice, when gather information. Anyone attempting to hide assets, or misrepresent Massachusetts bankruptcy exemptions, runs a high probability of dismissal, sanctions, penalties, and even criminal; punishment.
Declaring exemptions on Form H
In all cases filed for liquidation, Claim form H is required and must list all assets claimed as exempt. A corresponding law, rule or statute must also be included which provides the basis for the exemption. Additionally, homesteads may require formal designation within real property records in the event multiple tracts are held by the same owner.
|
