Q: If I file for bankruptcy, what assets will I be allowed to keep?
A: All assets that you can protect using your state or federal exemptions.
In bankruptcy, debtors are entitled to keep assets, up to a certain amount using bankruptcy exemptions. In Maryland, a few examples of assets that debtor's may keep include:
1. Home equity up to $23,675
2. Household goods up to $1,000
3. Clothing up to $5,000
4. Automobile up to $11,000
5. Cash or other personal property $6,000
6. Retirement accounts are fully exempt
This list is far from exhaustive however and in order to protect your assets it is best to contact an experienced bankruptcy attorney.
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