Assets You Keep in Massachusetts Bankruptcies
Filing for a personal bankruptcy in Massachusetts enables you to discharge your unsecured debt and keep all of your assets, up to the statutory maximum. A bankruptcy lawyer will explain to you what you can discharge and what you can keep. For example, in a recent article about keeping your tax refunds in bankruptcy we noted that proper planning enables our clients to keep those refunds. In addition, keeping your home in bankruptcy is even easier with a new Massachusetts homestead law. Further, consumers can keep most assets and rebuild FICO scores following bankruptcy in Massachusetts
On the other hand, all assets must be disclosed to the U.S. Trustee. This includes the deed that your father put you on for the Cape house, even though “it’s really his and I would never, ever take it unless he passed” or the bank account your mother put you on “in case anything happens.” In an extreme example of failing to disclose assets and evade the US Trustee, an Alaskan man hid assets, including numerous trophy mounted big-game animal, including an endangered white rhinoceros head which recently sold at a bankruptcy auction for $9,250. The debtor, Robert Kupick, an Alaskan eccentric who was convicted of tax and bankruptcy fraud, died recently and the assets of his bankruptcy estate are still being distributed.
Following his death, the bankruptcy trustee found 200 stuff animal heads in a shipping container under another name. The auctioneer, noting that the rhino had been displayed by the US Bankruptcy Trustee department as an example of bankruptcy fraud, noted “This is probably the last white rhino that will ever be sold in the United States.” We don’t know the circumstances of the filing, however, properly prepared and disclosed, the Alaskan may have been able to keep his rhino, which we understand was legally hunted at the time.