Chevy Chase, MD asked in Bankruptcy for Maryland

Q: If I file for bankruptcy, what assets will I be allowed to keep?

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2 Lawyer Answers
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: All assets that you can protect using your state or federal exemptions.

Nyasha A. West
Nyasha A. West
  • Lutherville Timonium, MD
  • Licensed in Maryland

A: 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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