Exemptions

Don't lose everything in your Maryland bankruptcy

Just because circumstances have forced you to file for bankruptcy, it does not mean that you have to lose everything you have worked for years to earn. The Law Office of Ronald L. Schwartz can help you understand your rights and keep the maximum amount of property allowed to you under the law. As in most states, there is a list of exempt property for Maryland.

Property exempt under Maryland bankruptcy law

When you file for Chapter 7 bankruptcy, the personal property that you own in excess of the exemptions allowed by law can be sold by the trustee to pay your creditors. Almost all Chapter 7 filers can keep their property and home because they do not own more property than the allowed exemptions. However it is important to consult with a skilled bankruptcy lawyer to ensure your personal property is turned over to a trustee, who administers the repayment of your debts and may sell off your property to pay your creditors. Trustees have wide latitude over the property, but they are not allowed to force you into home foreclosure or take essential work tools that are essential to your job. College Park lawyer Ronald Schwartz is familiar with the following available exemptions:

  • Personal property - A bankruptcy court is not allowed to take personal property, including perpetual care trust funds and prepaid college trust funds under certain limits. In addition, clothing, household goods and furnishings up to $1,000 are exempt and $11,000 of any additional property, per person.
  • Pension and retirement - IRAs, 401(k) retirement accounts, state pensions, ERISA-qualified benefits and other tax-exempt retirement accounts are all exempt when you file for Chapter 7 bankruptcy.
  • Home equity - The amount for the home equity exemption for your principle residence is $22,975.

A skilled bankruptcy lawyer protects what is yours

You have worked hard for what you own. Don't lose it all because of some unfortunate circumstances. The Law Office of Ronald L. Schwartz goes over your assets with you before you appear in bankruptcy court and makes sure you understand your rights. Your belongings and financial future are safer when you work with Attorney Schwartz.

Schedule a consultation with a bankruptcy attorney serving Lanham today

To discuss exempt property in your Maryland bankruptcy, contact The Law Office of Ronald L. Schwartz. The attorney can be reached at 301-892-3410 or online for a free consultation about your bankruptcy. In addition to other services, the firm is a debt relief agency that helps people file for bankruptcy relief under the bankruptcy code.