Maryland Bankruptcy Exemptions

On this page you can find all of the exemptions for Maryland. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Owner-occupied residential real property: including condos
$21,625 (spouses may not double)
MD Code Ann. C & JP § 11-504(f)(1)(ii)
Wild Card
Personal property under federal bankruptcy exemptions
$5000 (applies only to bankruptcy cases)
MD Code Ann. C & JP § 11-504(f)
Wild Card
Cash or property of any kind
$6,000
MD Code Ann. C & JP § 11-504(b)(5)
Wages / Wage Garnishment
Disposable earnings (earnings after deductions required by law)
75% or $145 per week (30 times the federal minimum hourly wage in Caroline, Kent, Queen Anne’s & Worcester counties) WHICHEVER IS GREATER
MD Code Ann. CL § 15-601.1
Insurance
Proceeds of life insurance policy or annuity contract payable to spouse, children or dependent relations of insured
100% (includes death benefits, cash & loan values, waived premiums and dividends)
MD Code Ann. Ins. Art. § 16-111(a) MD Code Ann. Est &Trust § 8-115
Insurance
Money payable in the event of sickness, accident, injury or death of any person
100%
MD Code Ann. C & JP § 11-504(b)(2)
Insurance
Net recovery of personal injury claims
75%
MD Code Ann. C & JP § 11-504(b)(2)(I)
Insurance
Fraternal Benefit Society benefits
100%
MD Code Ann. Ins. Art. § 8-431
Personal Property
Burial lots and crypts (not held for investment)
100%
MD Code Ann. BR § 5-503
Personal Property
Household furnishings & goods, wearing apparel, books, pets, and other items held primarily for the personal, family or household use of the debtor or a dependent
$1,000
MD Code Ann. C & JP § 11-504(b)(4)
Personal Property
Professionally prescribed health aids of debtor or dependent
100%
MD Code Ann. C & JP § 11-504(b)(3)
Pensions / Retirement Accounts
State employees pension benefits
100%
MD Code Ann. SSP § 21-502
Pensions / Retirement Accounts
Teachers retirement benefits
100%
MD Code Ann. SSP § 21-502
Pensions / Retirement Accounts
Assets and benefits of retirement plan or IRA qualified under Internal Revenue Code
100%
MD Code Ann. C & JP § 11-504(h)
Tools of the Trade
Personal wearing apparel, books, tools, instruments, or appliances of trade or profession
$5,000
MD Code Ann. C & JP § 11-504(b)(1)
Public Benefits
Criminal injuries compensation awards
100% (except for expenses resulting from the injury)
MD Code Ann. CP § 11-816
Public Benefits
Public assistance payments
100%
MD Code Ann. Human Serv. Art. § 5-407(a)(1) & (2)
Public Benefits
Unemployment insurance benefits
100%
MD Code Ann. L & E § 8-106(b)(2), (3)
Public Benefits
Workmen’s compensation
100%
MD Code Ann. L & E § 9-732
Miscellaneous
Alimony
To the extent that wages are exempt under ACM, CL § 15-601.1
MD Code Ann. C & JP § 11-504(b)(7)
Miscellaneous
Child support payments
100%
MD Code Ann. C & JP § 11-504(b)(6)
Miscellaneous
Specific partnership property
100% of partner's interest
MD Code Ann. C & A § 9A-502

If you want to learn more about filing bankruptcy in Maryland please visit our FAQ Page or for more information about Maryland you can visit the Maryland section.