What is Massachusetts Homestead Protection?

If you want to survive, you need 4 basic human needs. This basic human need is food, home/shelter, clothes, and the divine being. Everybody needs a house as the house is a part of basic human needs. For most people, homes are the most valuable asset that they have. Having your own house is obviously a great advantage as you don’t need to pay rent for your housing. If you have a house, you need to take care of it and make sure that your property remains under your name and will not go to other people name.

Some people have to face a tough situation. They have to struggle with heavy debt that makes them worry about how to pay their debt. Additionally, a continuous call from the creditors, increasing debt and unable to pay their daily needs can impact significantly on your life quality. Most people will apply for bankruptcy when they fail to pay their debt. This is an easy solution as applying bankruptcy is easy.

On the other hand, many people are worried about losing their most important property like their house. Homestead protection is a doctrine that enables the homeowner to protect their home from the creditor. This makes bankruptcy make easier.

As we mentioned earlier that for most people a house is one of the most valuable assets that need to be protected. If you lose your house, you will have nowhere to go. You may end up becoming homeless people. To prevent this from happening, the government provides the homestead protection. The homestead protection is specifically designed to protect the value of the house against seizure by your creditors. If the person dies, he leaves the loved one behind.  This vulnerable person needs some protection to ensure that they have a shelter.

The homestead protection not only provides shelter they need but also protect the house from tax property. Additionally, homestead protection prevents the house from being taken over and sold by your creditors. Without this exemption laws, the creditor will force you to sell your home. Losing your only house will give great negative impact to your life. The homelessness is serious problems that should be avoided on the first hand.

However, it is important to know that homestead protection do not protect your second or additional home. It means that if you have more one property, your creditor still able to force to sell your one house and keep your primary residence. By selling your second house, you will be able to pay off your debt, and you still have your primary home for you to live. Other people are not fortunate enough to have to house; even many people don’t have their own house. By selling your house, you are giving other people a chance to have their own home.

Even you file a or are looking for a divorce attorney, you don’t need to change your lifestyle and your spending habit. It is most likely that you lose some of your houses, but you still able to keep much of your property.  Important and work-related properties are exempted.

Additional Resources:

Massachusetts Homestead Act Homepage


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Cynthia Peters

Blogger, web designer, guy making his way through life.