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.

ASSETEXEMPTIONLAW
Maryland HomesteadNone (but property held as tenancy by the entirety is exempt against debts owed by only one spouse)
WagesEarned 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
AutomobileNone; see Wildcard
Other propertyDisability or health benefits11-504(b)(2)
Child support and alimony11-504(b)(6),(7)
Appliances, furnishings, household goods, books, pets, and clothing to $1,000 total11-504(b)(4)
Health aids11-504(b)(3)
Burial plot in lieu of homestead exemptionBus. Reg. 5-503
Clothing, books, tools, instruments, and appliances used as tools of trade to $5,00011-504(b)(1)
Wildcard$6,000 in cash or any property (restrictions apply)11-504(b)(5)
An additional $5,000 in real or personal property11-504(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