Maryland Bankruptcy Laws
Contact a Maryland Bankruptcy Attorney to Find Out about Your Options
You don't have to be a bankruptcy expert to get out of debt. A bankruptcy lawyer can explain the relevant laws and help you determine which type of bankruptcy might work for you.
Let a Maryland bankruptcy lawyer walk you through the tests and requirements to determine whether bankruptcy is the right answer for you.
You are in the right place—just fill out the free evaluation form below or call 877-833-2410 to schedule a no-obligation consultation and start taking control of your finances.
Maryland Bankruptcy Protections
Bankruptcy laws in the state of Maryland allow for a bankruptcy filer to protect some property from creditors and the bankruptcy court. In a Chapter 7 bankruptcy, certain assets may be sold by the court to repay creditors. However, Maryland bankruptcy exemptions include:
- Real or personal property valued at up to $5,000.
- Wages, typically up to 75 percent.
- 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.
In a Chapter 13 bankruptcy, all assets are usually protected against creditors, as debts are repaid over a three-to-five year period.
Deciding which type of bankruptcy is right for you depends on your types of debt, income level, value of assets, and other factors, such as whether your debts have cosigners.
Filing for Chapter 7 bankruptcy typically involves qualifying under the means test, which compares your annual income to the median amount in the state of Maryland. A bankruptcy attorney can help you determine if you qualify for filing Chapter 7.
Get Bankruptcy Help with a Maryland Lawyer
If you've decided that bankruptcy is the right option to help you gain control of your debts, talk to a bankruptcy lawyer. Together, you can explore the bankruptcy process and get your case under way.
Finding an attorney near you is simple. Just fill out our online bankruptcy evaluation form or call 877-833-2410 to connect with a Maryland attorney for a free, no-obligation consultation.
The above synopsis of Maryland bankruptcy exemptions is by no means
all-inclusive and has been adapted from applicable state laws. These
laws may have changed since our last update and there may be additional
laws that apply in your situation. For the latest information on these bankruptcy laws, please contact a bankruptcy lawyer in your area.