Maryland Bankruptcy

Considering filing Chapter 7 bankruptcy to possibly eliminate your debt? Talk to a Maryland bankruptcy attorney today about your options.

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Filing Chapter 7 Bankruptcy in Maryland

Whether you are from Baltimore, Frederick, or anywhere else in Maryland and are thinking about filing Chapter 7 bankruptcy for a fresh start, you might have concerns about the state’s bankruptcy exemptions.

With a Maryland bankruptcy lawyer guiding you through the bankruptcy process, you’ll have the opportunity to discover which assets you own could be exempt from Chapter 7 liquidation.

Maryland Bankruptcy Laws

Chapter 7 bankruptcy is often referred to as a “liquidation bankruptcy” because the bankruptcy trustee may liquidate or sell off a debtor’s non-exempt assets. Any money from this liquidation is applied to the debtor’s unsecured debts, such as credit cards and medical bills.

But don’t panic–most Chapter 7 bankruptcy filers don’t own any non-exempt assets, so most filers can keep all of their property. Also, many items are considered “exempt”, which means the bankruptcy trustee is forbidden from selling those items.

Exempt items vary from state to state, so be sure to check out the below Maryland exemption information.

Maryland Chapter 7 Bankruptcy Exemptions

The following information is a basic introduction to Maryland Chapter 7 exemptions. To get more detailed information and advice, contact a Maryland Chapter 7 bankruptcy lawyer.

As your Maryland Chapter 7 bankruptcy lawyer can explain to you in more detail, important Chapter 7 bankruptcy exemptions in the state include:

Homestead: Real or personal property valued at up to $5,000.

Wages: Typically up to 75 percent of earnings.

Personal Property:

• Up to $1,000 of your interest in household furnishings, household goods, clothing, appliances, books, animals kept as pets and other property held primarily for family household use.
• Up to $5,000 for tools and equipment used for business purposes.
• Up to $6,000 for cash or property of any kind.
• 100 percent of the value of professional prescribed health aids.

Questions? Talk to a Maryland Chapter 7 Bankruptcy Lawyer

As you can see, Maryland Chapter 7 bankruptcy exemptions are very specific. When you speak with your Maryland Chapter 7 bankruptcy lawyer, he or she will explain them all to you and make sure that you understand how the exemptions might affect your Chapter 7 bankruptcy case.

We make it very simple to get in touch with a Maryland Chapter 7 bankruptcy lawyer at Chapter7.com. Simply fill out our free bankruptcy evaluation form or give us a call at 877-226-6844 and we’ll connect you with a local Maryland  bankruptcy attorney as soon as possible.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.