Maryland Bankruptcy Exemptions
UPDATED: Oct 21, 2024
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Published Legal Expert
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Federal bankruptcy exemptions available? NO
Maryland has no statutory homestead exemption, but a court has held that a residence owned by a married couple as a tenancy by the entirety is exempt if only one spouse is the debtor.
The references to Maryland statutes are to the Maryland Code of Courts and Judicial Proceedings.
Resources:
United States Bankruptcy Court, District of Maryland
| Maryland Bankruptcy Exemptions | ||
|---|---|---|
| Assets | Exemption | State Statute |
| Homestead | No exemption | |
| Insurance | Health or disability benefits, including settlements and arbitration and court awards: all | Courts and Judicial Proceedings 11-504(b)(2) |
| Medical insurance benefit deductions from wages and medical insurance payments: are included in the exemptions for wages up to $145 per week or 75% of disposable weekly wages, whichever is greater. | Commercial Law 15-601.1(b) | |
| Fraternal benefit society benefits: all. | Insurance 8-431; Estates and Trusts 8-115 | |
| Life insurance/annuity proceeds and avails: all if beneficiary is the child, spouse, or dependent of the insured. | Insurance 16-111(a); Estates and Trusts 8-115 | |
| Pensions | Federal pension exemptions. | |
| State employee pensions: all. | State Personnel and Pensions 21-502 | |
| Personal Property | Burial plot: all. | Business Regulationv 5-503v |
| Perpetual care trust fund: all | Business Regulation 5-602 | |
| Recoveries for lost future earnings: all. | Courts and Judicial Proceedings 11-504(b)(2) | |
| Health aids: all. | Courts and Judicial Proceedings 11-504(b)(3) | |
| Household goods, furniture, appliances, books, pets, and clothing: up to $1,000 total. | Courts and Judicial Proceedings 11-504(b)(4) | |
| Prepaid college trust fund: all. | Education 18-1913 | |
| Public Benefits | Death benefits for Baltimore police: all. | Code of 1957 article 24, 16-103 |
| Crime victims’ compensation benefits: all. | Criminal Procedure 11-816(b) | |
| Unemployment compensation benefits: all. | Labor and Employment 8-106 | |
| Workers’ compensation benefits: all. | Labor and Employment 9-732 | |
| Tools of Your Trade | Tools, instruments, appliances, books, and clothing: up to $5,000. | Courts and Judicial Proceedings 11-504(b)(1) |
| Wages | Wages earned but not yet paid, for Kent, Caroline, and Queen Anne’s of Worchester counties: at least 75% of weekly wage or 30 times the federal minimum hourly wage, whichever is greater. | Commercial Law 15-601.1 |
| Wages earned but not yet paid, for the rest of the state: at least 75% of the weekly wage or $145 multiplied by number of weeks wages earned, whichever is greater. | Commercial Law 15-601.1 | |
| Wildcard | Any property or cash: up to $6,000 if claimed within 30 days of levy or attachment. | Courts and Judicial Proceedings 11-504(b)(5) |
| Any real or personal property: up to $5,000 in addition to wildcard above. | Courts and Judicial Proceedings 11-504(f) | |
Find the right lawyer for your legal issue.
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.