Maryland State Bankruptcy Exemptions
Many people think if they file bankruptcy in Maryland they have to give up all their belongings. This isn’t the case. Certain exemptions are available under federal law, and each state has their own list of exemptions.
Under Maryland state law, bankruptcy exemptions include:
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• Health and disability insurance benefits
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• Fraternal benefit society benefits
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• Life insurance or annuity proceeds
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• Medical benefits deducted from wages
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• ERISA-qualified benefits – except IRAs
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• State employee and state police pensions
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• Public benefits including crime victims, unemployment, and workers compensation
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• Personal property including pets, household good, furniture, and clothing up to $1,000
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• Tools of trade – including clothes, tools, books, etc but excluding a motor vehicle up to $5,000
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• 75% of earned but unpaid wages or $415 weekly
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• $6,000 of cash or property
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• $5,000 of real or personal property
Let a Maryland bankruptcy attorney evalutate your exemptions today.
