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Maryland Bankruptcy Exemptions In Maryland, you can keep certain property even if you file for bankruptcy. This property is called "exempt". In fact, you may protect the following from any creditor who gets a court judgment against you. More on being "judgment proof".
More Information on Your Bankruptcy Exemptions ·
Details on
"Items Used in Your Trade or Profession"
This
exemption protects your work clothing (such as
uniforms), books, tools, instruments or appliances
used in your work. It does not
include work-related items that you sell or trade.
It does not protect a motor vehicle used for your work. ·
Details on " Money Payable in the Event of
Sickness, Accident, Injury or Death"
This exemption protects money you receive
from judgments, arbitration, insurance, benefits and
compensation. It also includes money paid to you for
loss of future earnings. You may protect money
received for personal injury to you, including money
you receive for mental injury caused by sexual
harassment. However, this exemption is only for
personal injury compensation. It does not include
money you receive for injuries to your property. If
you receive money for unfair wages in a sexual
harassment case, this part of the compensation is
not protected from creditors. Also this exemption
does not include disability income benefits that you receive for
necessities that you contract for after your
disability started. There is no limit on the money
you can protect under this exemption. ·
Details on "Professionally
Prescribed Health
Aids"
This
exemption protects not only your health aids but
also health aids that belong to your dependents.
There is no limit on the value of the items
protected under this exemption. ·
Details on "Household Furnishings"
This exemption protects appliances, books,
furniture, clothing, stereo equipment and even pets
that belong to you or your dependents. It is unclear
if firearms can be protected. This exemption applies
to anything used in or around the house used to
maintain the house or in your day-to-day living. ·
Details on "Cash or Property of any Kind"
Once a sheriff attaches or places a levy
against your property, you must notify the court
within 30 days to claim your exemption · Details on " Special Bankruptcy Exemption of $5,000" This is a special additional protection if you file for a Chapter 11 bankruptcy. Chapter 11 bankruptcy is a "reorganization of debt" bankruptcy for those who own a business or have too much in debts to file for Chapter 13. Note on finding the law on exemptions: The federal Bankruptcy Code exemptions contained in ( 11 U.S.C. 522(d)) are not available in Maryland. See, 11 U.S.C. 522(b)(1) and Md. Cts. & Jud. Proc. Code Ann. Sec. 11-504(g). The primary Maryland bankruptcy exemptions are found in Md. Cts. & Jud. Proc. Code Ann. Sec. 11-504. |
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Source: Maryland State Law Library (MSLL) |
Last date of legal review 02/11/08 (PLL/M.A.J.) |
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About this website. The Maryland State Law Library, a court-related agency of the Maryland Judiciary, sponsors this site. The website was developed (1999-2007) as part of an access to justice initiative by the Maryland Legal Assistance Network (MLAN) in collaboration with a number of legal services providers serving low and moderate income Marylanders. In the absence of file-specific attribution or copyright, the Maryland State Law Library may hold the copyright to parts of this website. You are free to copy the information for your own use or for other non-commercial purposes with the following language “Source: Maryland's People’s Law Library – www.peoples-law.org. © Maryland State Law Library, 2007.” |
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