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What Are the Maryland Bankruptcy Exemptions?

When filing for bankruptcy in Maryland, it is important to know what property will be exempt from creditors. The state of Maryland has exemptions that are designed to protect certain types of assets from being sold off or taken away during the bankruptcy process. These exemptions vary depending on whether you are filing under Chapter 7 or Chapter 13.

The Maryland Code contains a list of all possible bankruptcy exemptions in the state. This includes homestead exemption which can protect up to $21,500 in equity in your home or other real estate property. There is also an exemption for personal items such as furniture and appliances up to a value of $6,000. Other valuable exceptions include protection for retirement accounts up to $1 million and public benefits such as Social Security and veterans benefits.

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