Exemptions for Property in Maryland Bankruptcy Proceedings
- Homestead Exemption
This exemption can be used to protect a portion of the equity in your house. In addition, any profits, such as rent, derived from exempt property are exempt.
- Clothing, Textbooks, Bible, Family Pictures Exemption
Our Maryland bankruptcy attorneys use this exemption to protect a portion of the equity in various personal items such as your clothing and personal heirlooms.
- Life Insurance Proceeds Exemption
Using this exemption, our Maryland bankruptcy attorneys can protect life insurance payments made to you from a policy under which you were a dependent, as long as that amount is reasonably necessary to support you and your dependents.
- Qualified Retirement Plan Exemption
The bankruptcy attorneys at Ammerman & Goldberg can protect a portion of the proceeds from your retirement plan including stock bonuses, pensions, profit sharing plans, and annuities, as long as your savings are in a qualified retirement plan.
- Tools of the Trade, Professional Books Exemption
This exemption can be used to protect a portion of the tools you use in your profession. This is an important exemption as it allows for uninterrupted work in you chosen profession.
- Unemployment Compensation Benefits Exemption
Our Maryland bankruptcy attorneys can protect all of your unemployment compensation. We cannot protect past due child support from being deducted from the income of people receiving public assistance.
- Worker's Compensation Exemption
Our Maryland bankruptcy attorneys can protect all of your wages and the settlement you receive as compensation for a permanent disability. Workers' compensation settlements are completely exempt in Maryland bankruptcy actions.
- Wildcard Exemption; (Any Personal Property of Debtor)
Our Maryland bankruptcy attorneys can use the Wildcard Exemption to protect a specified amount of any kind of personal property.