Filing For Bankruptcy Doesn’t Mean You’ll Lose Everything
Chapter 7 bankruptcy is the most popular method of debt relief. According to United States Courts, more than 70% of people who filed for bankruptcy in 2022 did it under Chapter 7. In this process, debtors sell their property and use the proceeds to repay their creditors.
People considering various debt relief options are often understandably concerned about how much they’ll have to sacrifice to discharge their debt. At The Law Office of Donald L. Bell, we strive to provide peace of mind to our clients who are wrestling with overwhelming debts. And, our attorney has good news – there are exemptions that could allow those filing for bankruptcy in Maryland to keep more of their property than they previously thought.
Bankruptcy Exemptions In Maryland
If you’re considering bankruptcy in Maryland, you’re in luck. Our state has some of the best bankruptcy property exemptions in the nation.
- Home: You may be able to keep your home despite filing for bankruptcy. If you have less than $27,900 in equity in your home, it’s off-limits to creditors. Conversely, if you own your home, free and clear, with your spouse, an attorney can make your spouse a tenant in common – creditors can’t seize another person’s property to collect on a debt.
- Personal Property: You can keep up to $6,000 in the garage sale value of your personal property. This is more than you may think, as things usually go for very cheap at a garage sale. There’s also the wildcard exemption, which allows people to keep up to another $6,000 worth of their personal property.
- Payments, Benefits And Other Accounts: Compensation from personal injury and workers’ compensation claims, governmental benefits and child support payments are exempt, as are many types of retirement and tax-deferred savings accounts. Life insurance proceeds may also be exempt, but only for certain relatives.
What Could Debt Relief Look Like For You?
It is possible to get the debt relief you need without sacrificing everything. To learn about your options and better understand how bankruptcy can help you get a fresh start, schedule a free initial consultation with lawyer Donald L. Bell today by calling 240-624-0748. You may also send us an email.
Every person’s situation is different, and the advice you receive from The Law Office of Donald L. Bell is tailored to your circumstances. Our goal is to set you up for future financial successes. Contact us today.