What Are the Maryland Bankruptcy Exemptions?

Exploring Maryland's bankruptcy exemptions can help individuals who are considering filing for bankruptcy to make a well-informed decision about their financial future. Bankruptcy exemptions refer to the assets that an individual is allowed to keep when they file for bankruptcy protection. This article will provide an overview of the different types of assets that are considered exempt in Maryland, as well as important information on how the state applies its exemption laws.

Maryland offers both federal and state-specific exemption laws which allow debtors to retain certain property and assets when they file for Chapter 7 or Chapter 13 bankruptcy protection. Exempt items may include some equity in a home, personal property such as cars, clothing, household furniture, tools of trade, jewelry up to a certain value and up to $6,000 worth of public benefits such as Social Security or unemployment insurance benefits.

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