Maryland, MD Bankruptcy Exemptions

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The Essential Maryland Bankruptcy Information Guide

Maryland, MD Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Maryland Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Maryland Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	NONE, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse	In re Sefren 41 B.R. 747 (D. Md. 1984)
INSURANCE	Disability or health benefits	11-504
	Fraternal benefit society benefits	Ins. 8-431
	Life insurance or annuity contract proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is a dependent of the insured	Ins. 16-111
	Medical benefits deducted from wages as well as medical insurance payments up to $145 per week or 75% of disposable wages.	Commercial 15-601.1
PENSIONS	ERISA-qualified benefits, including IRAs, Roth IRAs and Keoghs.	11-504
	State employees	St.Pers.Pen. 21-502
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Appliances, furnishings, household goods, books, pets and clothing to $1,000 total	Courts & Jud. Proceedings 11-504(b)(4)
	Burial plot	Bus. Reg. 5-503
	Health aids	Courts & Jud. Proceedings 11-504(b)(3)
	Lost future earnings recoveries and any other real or personal property up to $5,000 total	Courts & Jud. Proceedings 11-504(b)(2)
	Perpetual care trust funds	Bus. Reg. 5-602
PUBLIC BENEFITS	AFDC, general assistance	Code of 1057 88A-73
	Crime victims’ compensation	Crim. Proc. 11-816
	Unemployment compensation	Labor & Employment 8-106
	Workers’ compensation	Labor & Employment 9-732
	Baltimore police death benefits.	Code of 1957 art. 24 16-103
TOOLS OF TRADE	Tools, books, instruments, appliances, and clothing needed for work up to $5,000.	Courts & Jud. Proceedings 11-504
WAGES	Earned but unpaid wages are exempt as follows: in Caroline, Kent, Queen Anne's, and Worcester counties, the greater of 75% of actual wages or 30 times the federal minimum wage; in all other counties, the greater of 75% or $145 per week.	Commercial 15-601.1

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