Bankruptcy laws in the State of Maryland are largely dominated by federal statutes with some minor deviations that are the result of the state legislation. The federal law attempts to give the debtor an opportunity to start afresh when he or she has lost out on much of their financial backup resources. A bankruptcy case is initiated with the filing of a petition in a local court. The debtor needs to submit a comprehensive statement of the liabilities and the assets. The property that the debtor can retain even after filing for bankruptcy differs from one state to another as these are governed by the respective state statutes. These are known as bankruptcy exemptions.

The Bankruptcy Code of the State of Maryland is laid down in Md. Cts. & Jud. Proc. Code Ann. Sec. 11-504(g) and 11 U.S.C. 522 (b) (1) in the official source called the Annotated Code of Maryland. The former Code includes the statutory exemptions of the state. These include

• Goods and home furnishings worth $500 as mentioned in (11-504(b)(4))
• Certain partnership interests as per Md. Corp & Assoc. Code Ann. Sec. 9-502)
• Things used by the individual in his profession or trade that worth $2500 as per (11-504(b)(1))
• Life insurance proceeds
• Prescribed health aids as mentioned in (11-504(b)(3))
• Property or Cash worth $3000
• Personal or real property worth $2500
• Cash that is payable in case of an injury, sickness, death or accident

Bankruptcy cases in the state can be filed in compliance to Chapter 7 and Chapter 13 of the bankruptcy laws. You can take the help of a Maryland bankruptcy lawyer to determine the law that would be appropriate to file a personal bankruptcy case. All your queries pertaining to the case, the exemptions can be satisfactorily answered by them.

For more information on various terms related to bankruptcy and other associated issues, you can refer to a legal directory.