If you are considering applying for Bankruptcy in Maryland it is important that you meet with a Maryland bankruptcy attorney or a Maryland bankruptcy lawyer to review your options. Here we will give an explanation of the exemptions allowed in Maryland for bankruptcy.
An exemption means that you get to keep the property through your bankruptcy. This is very important since it is clear that you will want to keep items to continue your life after bankruptcy. These items may include, for example, your personal vehicle, furniture, clothing, money, and other personal possessions.
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In general you can keep up to $12,000 in exemptions per debtor. These numbers are doubled in the case of joint debtors (i.e. a married couple applying for bankruptcy together). So this means that a married couple will be able to exempt $24,000 of property. Here we will deal with the $12,000 exemption and you can simply double these numbers in case of joint filers. It is important to remember that Maryland does not allow you to choose federal exemptions, you must instead go with the Maryland exemptions.
First of all, Maryland allows you to exempt $1,000 in personal property. This might include items such as: appliances, furnishings, household goods, books, pets and clothing.
Secondly, Maryland allows you to exempt $5,000 in tools of the trade. This includes clothing, books, tools, instruments and appliances to continue your business.
Thirdly, Maryland allows you a "wild card" exemption of $6,000 of cash or property of any kind and $5,000 of real or personal property. You must choose between the $6,000 exemption or the $5,000 exemption, you may not take both.
Adding these amounts together we see how there is $12,000 of maximum allowable exemptions (1+5+6=12).
Remember that it is important that you contact a Maryland bankruptcy attorney or Maryland bankruptcy lawyer to go over the exemptions available to you in your particular situation.
Another very important exemption in Maryland is the tenancy by the entireties exemption for property owned by a married couple. This exemption will be dealt with in a separate article.
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