Massachusetts Credit Laws

General usury rate is 20%. Judgments bear interest at either 12% or 18% depending on whether the court finds that a defense was frivolous.

Open Acct on Contract 6 - Contract 6 - Sales (UCC) Contract 4 - Domestic Judgment 20 (presumed satisfied after 20 years) - Foreign Judgment 20 - Contract Under Seal: 20

Amount due, costs of suit, protest fees Additional damages $100 - $500 can be assessed.

The Massachusetts homestead exemption is $500,000. Those disabled or over 62 qualify for a $500,000 exemption. Couples may not double the amount. A homestead declaration must be filed before bankruptcy is filed. A deceased debtors spouse or child may claim the homestead exemption. Property held in tenancy by the entirety is exempt from non-necessity debts.

ADDING FEES

It shall constitute an unfair practice for a debt collector to collect or attempt to collect any amount, including any interest, fee, charge or expense incidental to the principal obligation, unless such amount is expressly authorized by the agreement creating the debt or permitted by law.  It shall constitute an unfair practice for a debt collector to represent that an existing obligation of a consumer may be increased by the addition of attorney’s fees, investigation fees, service fees, or any other fees or charges, if in fact such fees or charges may not legally be added to the existing obligation.