Maryland Bankruptcy Exemptions

Homestead

there are no homestead exemptions. However, tenancies by the entirety to unlimited amount as to debts of one spouse [In re Sefren, 41 B.R. 747 (D. Md. 1984)]. Also see the section below on "Personal Property."

Personal Property

Bus. Reg. 5-503 - Burial plot.

Bus. Reg. 5-602 - Perpetual care trust funds.

Educ. 18-1913 - Prepaid college trust funds.

11-504 - Clothing, household goods, furnishings, appliances, books, and pets up to $1,000 total; health aids; cash or property up to $6,000 if claimed within 30 days of attachment or levy; lost future earnings recoveries; and any other real or personal property up to $5,000 total.

Wages

Comm. 15-601.1 - Earned but unpaid wages are exempt as follows: in Caroline, Kent, Queen Anne's, and Worcester counties, the greater of 75% of actual wages or 30 times the federal minimum wage; in all other counties, the greater of 75% or $145 per week.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

St.Pers.Pen. 21-502 - State employees

11-504 - ERISA-qualified benefits, including IRAs, Roth IRAs and Keoghs.

Public Benefits

Labor & Employ. 8-106 - Unemployment compensation.

Labor & Employ. 9-732 - Workers' compensation.

Code of 1957 art. 24 16-103 - Baltimore police death benefits.

Crim. Proc. 11-816 - Crime victims' compensation.

Tools of Trade

11-504 - Tools, books, instruments, appliances, and clothing needed for work up to $5,000.

Insurance

Ins. 8-431 - Fraternal benefit society benefits.

Ins. 16-111 - Life insurance or annuity contract proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is a dependent of the insured.

Comm. 15-601.1 - Medical benefits deducted from wages as well as medical insurance payments up to $145 per week or 75% of disposable wages.

11-504 - Disability or health benefits.

Miscellaneous

11-504 - Child support and alimony to the same extent that wages are exempt.

Other - Add any applicable Federal Nonbankruptcy Exemptions


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All documents typed are prepared by Rica Gilmore.