(BASED ON MD CODE, CJS 11-504 (EXEMPTIONS FROM EXECUTION)
The following information was obtained from the above referenced MD Code section. We are attempting to give you a short and concise list of some of the most important and relevant exemptions - THE LIST PROVIDED BELOW IS NOT MEANT TO COVER EVERY AVAILABLE EXEMPTION.
Please contact us if you have any questions pertaining to the exemptions or bankruptcy in general.
| EXEMPTION |
| TOOLS OF THE TRADE (clothing, books, tools, instruments or appliances necessary for the practice of any trade or profession) except for those that are kept for sale, lease or barter. | NOT TO EXCEED $5,000.00 IN VALUE |
| PERSONAL INJURY AND OTHER AWARDED MONIES (This exemption generally includes money that is payable due to sickness, accident, injury, or death of any person. It includes compensation for the loss of future earnings. This includes money that is payable due to judgments, arbitrations, compromises, insurance, benefits, compensation and relief. (Basically, if you were in an auto accident and recovered some money for your injuries then that money would be exempt. |
Disability
income benefits that are not exempt if the judgment is for necessities contracted for after the disability is incurred. |
| PROFESSIONALLY PRESCRIBED HEALTH AIDS | For the debtor or any dependent of debtor |
| Household furnishings, household goods, wearing apparel, appliances, books, animals kept as pets, and other items that are held primarily for the personal, family, or household use of the debtor or any dependent of the debtor. | NOT TO EXCEED $1,000.00 IN VALUE |
| $6,000.00 in Cash or property of any kind | NOT TO EXCEED $6,000.00 IN
VALUE
if within 30 days from the date of the attachment or the levy by the sheriff, the debtor elects to exempt cash or selected items of property in an amount not to exceed a cumulative value of $6,000. |
| Money payable or paid in accordance with an agreement or court order for child support. | |
| ALIMONY | |
| $5,000.00 IN REAL OR PERSONAL
PROPERTY |
any individual debtor domiciled in
this State may exempt the debtor's aggregate interest, not to exceed $5,000 in value, in real property or personal property. |
| INTEREST IN A RETIREMENT PLAN | Any money or other assets payable to a participant or beneficiary from, or any interest of any participant or beneficiary in, a retirement plan qualified under § 401(a), § 403(a), § 403(b), § 408, § 408A, § 414(d), or § 414(e) of the United States Internal Revenue Code of 1986, as amended, or § 409 (as in effect prior to January 1984) of the United States Internal Revenue Code of 1954, as amended, shall be exempt from any and all claims of the creditors of the beneficiary or participant, other than claims by the Department of Health and Mental Hygiene. |
