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What is Exempt Property and Why Is It Important?


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How Do Exemptions Work In Chapter 7 Bankruptcy?

 

Schedule C of the Bankruptcy Petition

 

On this form, you list all of your property and assets that are legally exempt.

 

 

In the State of Maryland, bankruptcy filers are required

to use the state, not federal, bankruptcy exemptions.

 

 

Homestead Exemption: 

Approximately $22,975 of equity in your home,

used as a primary residence, may be exempt.

 

Wildcard Exemptions:

Maryland Does Not Have A Motor Vehicle Exemption, but the

Wildcard Exemption Can Be Used Towards A Motor Vehicle. 

 

Personal Property:

This can Include Up To $5,000 Worth Of Clothing. 

 

Other Personal Property: 

Can Include Health Aids, Appliances, And Furnishings.

 

 

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