Our Maryland bankruptcy attorneys often get asked whether someone considering bankruptcy will lose everything. Our clients are happy when they find out that in Maryland most individuals can protect their personal property using what are known as exemptions. Exemptions are laws that protect Marylanders and their property in bankruptcy.
The Maryland exemptions are:
- $21,625.00 worth of equity in your home
- $5000.00 in personal property of any kind
- $6,000.00 worth of property of any kind or cash back from
- $5,000.00 worth of tools of trade/profession
- $1,000.00 in household furnishings, wearing apparel
EXEMPTIONS WITHOUT DOLLAR CAPS
- Criminal compensation awards
- Fraternal benefit society benefits
- Money payable in the event sickness, accident, injury, death, etc.
- Professionally prescribed health aids
- Qualified pension and retirement accounts such as 401(k), 457, 403(b)
- Public assistance
- Burial plots and crypts
- Unemployment compensation
- Workers’ compensation
- Partnership property
- Child Support payments
- Life insurance proceeds payable to dependent
As your Maryland bankruptcy attorney I recommend that everyone considering bankruptcy talk to an experienced attorney to determine what property you can protect using the Maryland exemptions. For a free consultation with a Maryland bankruptcy attorney call 410-849-9529.
Joseph K. Githuku
Maryland Bankruptcy Lawyer
Baltimore Bankruptcy Lawyer
Disclaimer: This article is provided for informational purposes only and should not be construed in any way as legal advice. This article does not create an attorney-client relationship.