Site Notice: ****Special Holiday Hours: Hours of operation for Monday September 7th 9am-2pm EST****
Site Maintenance: On 06/06/2012 between 11 PM EST to 1 AM EST the site and its related services will undergo scheduled maintenance.

Maryland Bankruptcy Exemptions

The chart below contains a summary of Maryland state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Maryland bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Maryland Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSET EXEMPTION LAW
Maryland Homestead None (but property held as tenancy by the entirety is exempt against debts owed by only one spouse)
Wages Earned but unpaid wages of 75% or $145 per week (whichever is greater). For Kent, Caroline, Queen Anne's, and Worcester Counties, 75% or 30 times the Federal minimum hourly wage (whichever is greater). Commercial Law 15-601.1
Automobile None; see Wildcard
Other property Disability or health benefits 11-504(b)(2)
Child support and alimony 11-504(b)(6),(7)
Appliances, furnishings, household goods, books, pets, and clothing to $1,000 total 11-504(b)(4)
Health aids 11-504(b)(3)
Burial plot in lieu of homestead exemption Bus. Reg. 5-503
Clothing, books, tools, instruments, and appliances used as tools of trade to $5,000 11-504(b)(1)
Wildcard $6,000 in cash or any property (restrictions apply) 11-504(b)(5)
An additional $5,000 in real or personal property 11-504(f)

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Maryland bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Maryland bankruptcy exemptions laws.

Maryland Bankruptcy Court links :

*The use of partners trademarks are not intended to imply endorsement of these products.

Ready to Start? Call us at 1(888)214-7773