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.
|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)|
|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.