Will I Lose Everything if I File for Bankruptcy in Maryland?
Don’t Panic; Get Help from Bankruptcy Lawyers Maryland
Creditors may try to use your property and assets, known as your “bankruptcy estate”, when you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. A combination of state and federal laws determine what your bankruptcy estate can include or exempt. Figuring out which state and federal bankruptcy exemptions you can then use to your advantage can be complicated. However, it can save you a fortune.
MD bankruptcy lawyer Kevin D. Judd can help you to safeguard some of your possessions by determining your qualifications for available state and federal exemptions. While you may think that you do not qualify, our attorneys may tell you otherwise. It is always a good idea to check before you make any assumptions.
What are Examples of Maryland Bankruptcy Exemptions?
While there are federal exemptions, the state exemptions available to Maryland residents include:
- Insurance – Proceeds from health or disability benefits or settlements, medical insurance benefits, and life insurance or annuity earnings.
- Pensions – Along with insurance, state employee pensions are also exempt.
- Public Benefits – Crime victims’ compensation, unemployment compensation and workers’ compensation.
- Tools of Trade – Up to a specified amount, your clothing, books, tools, and instruments used in your trade (not including your car) can be exempt.
- Wild Card – The wild card exemption can help you keep a specified amount of cash, real or personal property out of your bankruptcy estate and away from creditors.
Bankruptcy Lawyers Maryland Suggest Bankruptcy Exemptions that Work to Your Advantage
The Law Firm of Kevin D. Judd offers a free consultation to discuss federal and state exemptions to safeguard your possessions. Protect your most valuable property from creditors, and then keep as many of your belongings as possible while we work together to regain your financial stability.