Anyone can face sudden financial difficulties. Sudden life changes, such as serious accidents, can result in thousands of dollars in medical bills. Someone who had been in good financial health may find him or herself with unmanageable debt. If you are in a similar situation, bankruptcy may provide the most effective way to repay your debts and start again. Bankruptcy can mean selling some of your property to repay debts, a prospect that may sound unpleasant to those considering bankruptcy.
Musicians of all stripes, hobbyists and professional musicians alike, are prone to collecting pricey musical equipment. It is not rare for serious guitarists to spend thousands of dollars on new guitars, amplifiers, and related equipment. Filing for bankruptcy can help you out of dire financial situations, but it may be necessary to sell some, though perhaps not all, of that equipment in order to repay your debts.
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There are a number of misconceptions about the bankruptcy process: rather than the court coming in and carrying out all of your possessions, you are in fact legally entitled to claim much of your property as exempt. Most of your household items can be kept exempt, as can some vehicles. Unless certain household items are extremely expensive, such as pricey Italian leather furniture, they are unlikely to be sold.
Under Massachusetts bankruptcy law, you can claim musical instruments and equipment as a component of your "household items," alongside things like furniture. Depending on what other property you are willing to sacrifice, you may be able to keep a significant portion of your gear. In addition, if you are a professional or semi-professional musician, you can claim a certain amount of equipment as necessary tools of the trade for your occupation.
Of course all of this depends on the particulars of your unique situation. Since bankruptcy can affect people of all backgrounds and walks of life, the assistance of an experienced bankruptcy attorney may be necessary to get the most out of your bankruptcy. With the right planning and guidance, you can clear your debt and start over.
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