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Maryland State Bankruptcy Exemptions |
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Maryland State Bankruptcy Exemptions |
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FEDERAL
BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE. |
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| ASSET | EXEMPTION | LAW PROVISION |
| HOMESTEAD | NONE, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
In re
Sefren 41 B.R. 747 (D. Md. 1984) |
| INSURANCE | Disability or health benefits, including court awards, arbitrations and settlements | Courts and Jud. Proceedings 11-504(b)(2) |
| Fraternal benefit society benefits | 48A-328, Estates & Trusts 8-115 | |
| Life insurance or annuity contract proceeds or avails if beneficiary is insured’s dependent, child or spouse | 48A-385, Estates & Trusts 8-115 | |
| Medical benefits deducted from wages | Commercial 15-601.1 | |
| MISCELLANEOUS | Property of business partnership | Corporation 9-502 |
| PENSIONS | Deceased Baltimore police officers (only benefits building up) | 73B-49 |
| ERISA-qualified benefits, except IRAs | Courts & Jud. Proceedings 11-504(b) | |
| State employees | 73B-17, 73B-125 | |
| State police | 88B-60 | |
| Teachers | 73B-96, 73B-152 | |
| PERSONAL PROPERTY | Appliances, furnishings, household goods, books, pets and clothing to $500 total | Courts & Jud. Proceedings 11-504(b)(4) |
| Burial plot | 23-164 | |
| Health aids | Courts & Jud. Proceedings 11-504(b)(3) | |
| Lost future earnings recoveries | Courts & Jud. Proceedings 11-504(b)(2) | |
| PUBLIC BENEFITS | AFDC, general assistance | 88A-73 |
| Crime victims’ compensation | 26A-13 | |
| Unemployment compensation |
Labor &
Employment 8-106 |
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| Workers’ compensation |
Labor &
Employment 9-732 |
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| TOOLS OF TRADE | Clothing, books, tools, instruments and appliances to $2,500; can’t include car (In re Chapman, 68 B>R> 745 (D. Md. 1986) | Courts & Jud. Proceedings 11-504(b)(1) |
| WAGES | Earned but unpaid wages, the greater of 75% or $415 per week; in Kent, Caroline and Queen Anne’s of Worcester Counties, the greater of 75% of actual wages or 30% of federal minimum wage |
Commercial 15-601.1 |
| WILD CARD | $5,500 of any property | Courts 7 Jud. Proceedings 11-504(b)(5), (f) |
Thursday January 12, 2006