Maryland bankruptcy lawyers will know what exemptions there are to your bankruptcy case. Sometimes, exemptions differ from state to state, so what is a bankruptcy in Maryland might be different than what one is in another state. Maryland bankruptcy lawyers will know for sure.
The assets which are exempt in Maryland can fall under certain categories. They include: homestead, insurance, miscellaneous, pensions, personal property, public benefits, tools of trade, wages, and wild card. Different exempt assets apply to different, individual bankruptcy cases. Competent Maryland bankruptcy lawyers should be able to determine which exempt assets you can apply to your bankruptcy case.
Homestead does not apply to one’s home, but rather property held as tenancy by the entirety by only one spouse. In most bankruptcy cases, you do not lose your house, though that cannot be absolutely guaranteed.
Insurance exemptions include disability, health benefits, fraternal society benefits, life insurance, and medical benefits deducted from wages. Miscellaneous mostly refers to property of business ownership.
Personal property exemptions include burial plots, crypts, household furnishings, goods, appliances, books, apparel, and pets up to $1000. Also add in health aids and lost future earnings recoveries.
Public benefits include general assistance, and crime victims, work man’s, and unemployment compensation. Tools of trade refer to all tools and instruments needed for work up to $5000, but do not include a car.
The wild card refers to $6000 of cash or property of any kind, and $5000 worth of real or personal property.
If you have lived in multiple states or have property spread across multiple states, you will need to ask your bankruptcy lawyer’s help in deciding the specifics of your case.
However, on top of Maryland or whatever state you live in’s exemptions, there are also federal bankruptcy exemptions that can be applied.
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