New Law Protects More Property from Debt Collection

Governor Patrick signed S2557 last Friday which increases the value of property exempt from execution listed in  MGL c.235, s.34, effective in April. Here are some examples:

• Cost of Utilities:
  
  • Old: up to $75/ month
  • New: up to $500/month
• Automobile:
  
  • Old: up to $700 in value
  • New: up to $7500 in value (or $15,000 for elderly or disabled)
• Cash and Wages:
  
  • Old:  up to $125
  • New: $2,500 in cash or savings or other deposits in a banking or investment institution, wages equal to the greater of 85 per cent of the debtor’s gross wages or 50 times the greater of the federal or the Massachusetts hourly minimum wage for each week or portion thereof

Exemptions for "2 cows, 12 sheep, 2 swine and 4 tons of hay" remain unchanged.