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Maryland Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your lawyers can use Maryland state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Maryland bankruptcy exemptions that a bankruptcy lawyer can use to help keep creditor's hands off. The Maryland bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the Maryland bankruptcy exemptions below are not an exhaustive list, therefore you should contact a Maryland bankruptcy lawyer to determine the other types of property that you own which may be exempt.

Homestead Maryland Bankruptcy Exemptions

These Maryland bankruptcy exemptions can be used to protect up to $2,500 in equity in your house. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.

Clothing, Textbooks, Bible, Family Pictures Maryland Bankruptcy Exemptions

These Maryland bankruptcy exemptions allow your lawyers to protect $2,500 in equity in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds Maryland Bankruptcy Exemptions

Under these Maryland exemptions, a bankruptcy lawyer can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Qualified Retirement Plan Maryland Bankruptcy Exemptions

Your bankruptcy lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. These Maryland bankruptcy exemptions can protect anything from stock bonuses, pensions, profit sharing plans and annuities as long as its determined that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books Maryland Bankruptcy Exemptions

These are useful Maryland bankruptcy exemptions that can be used to protect up to $2,500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Maryland Bankruptcy Exemptions

Your bankruptcy lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Maryland Bankruptcy Exemptions

This exemption can protect 100% of compensation you receive under Maryland workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Maryland, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Wildcard Exemption (Any Personal Property of Debtor)

Last, but probably most important of the exemptions is the Wildcard Exemption. Using the Wildcard Exemption in your bankruptcy case, your lawyers can protect up to $3,000 of any type of personal property. They can protect anything you own that has equity in excess of the above exemptions.

Learn more about Massachusetts bankruptcy exemptions.