Annapolis, MD asked in Bankruptcy for Maryland

Q: What is a wild card bankruptcy exemption?

Related Topics:
Bankruptcy
2 Lawyer Answers
Andrellos Mitchell
Andrellos Mitchell
Answered

A: To protect personal and real property from being seized by the bankruptcy trustee and sold to pay creditors, the debtor must apply one of several exemptions available. Maryland's wild card exemption allows bankruptcy 7 debtors to exempt up to $6,000 in cash or other property AND up to $5,000 in personal property...for a total of $11,000.00 ($22,000.00 for couples).

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Timothy Denison
Timothy Denison
Answered

A: It is an exemption granted under both Federal and state law which allows you to protect real or personal property from seizure. The amounts vary between states and also depends on whether you are using state or federal exemptions.

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