Text Box: A DAMS LAW OFFICE, LLC
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              Motor vehicle valued up to $2,575

              Any item valued up to $425 or $8,625 worth of household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments

              Property valued up to $850 in value, plus up to $8,075 of any unused amount of the exemption provided  for real estate

              $1,625 worth of implements, professional books, or tools of the trade

              Any unmatured life insurance contract, other than a credit life insurance contract

              Professionally prescribed health aids

              The debtor's right to receive: a social security, veteran's, disability, illness, or unemployment benefit; alimony, support, or separate maintenance; and a payment under a stock bonus, pension, profit-sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, unless: the plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor's rights under the plan or contract arose; the payment is on account of age or length of service; and the plan or contract does not qualify under sections 401(a) or 403(b) of the Internal Revenue Code of 1986

              $400 worth of family pictures and family library

              Money or other assets payable to a participant or beneficiary from a retirement plan qualified under section 401(a), 403(a), 403(b), 408, 408A, 414(d), or 414(e) of the Internal Revenue Code of 1986

              The interest of an alternate payee in a plan described in the prior item

              Property traceable to: an award under a crime victim's reparation law; a payment on account of the wrongful death of an individual of whom the debtor was a dependent; a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of the individual's death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor; a payment, including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor

              Provisions for 3 months support;

 

·          $300 worth of the library, office furniture, and implements of a professional person or artist

 

             

·          The debtor's aggregate interest in real property used as the residence of the debtor or in a burial plot for the debtor or dependent of the debtor

 

              Unmatured life insurance;

 

$300 worth of non-head of household clothes

              Public assistance; unemployment compensation; 75% of wages or 30 times minimum wage; notary’s official seal and documents; DC judges’ retirement; earnings not otherwise exempt; teacher’s retirement and disability benefits; group life policies or proceeds; worker’s compensation; partnership property; condominium escrow funds; cemetery lots held by cemetery association; $50 worth of holdings of a member of a coop association; $200 worth of non-head of household mechanics’ tools; non-head of household earnings; uninsured motorist compensation benefits; Taxicab Sinking Fund

 

The Federal exemptions allow you to keep:

 

              Up to $18,450 in real property or personal property used as a residence or a burial plot

              Up to $2,950 in value for one motor vehicle

              Up to $475 in value in any particular item or $9,850 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use

              Up to $1,225 in jewelry;

              Up to $975 in value for any property, plus up to $9,250 of any unused amount of the exemption provided for the real property exemption

              Up to $1,850 in implements, professional books, or tools, of the trade

              Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract

              Up to $9,850 less any amount of property of the estate transferred in the manner specified in section 542(d), in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent; professionally prescribed health aids

              The debtor's right to receive a social security benefit, unemployment compensation, or a local public assistance benefit; a veterans' benefit; a disability, illness, or unemployment benefit; alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor; a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless—

              such plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor's rights under such plan or contract arose;

              such payment is on account of age or length of service;

              such plan or contract does not qualify under section 401(a), 403(a), 403(b), or 408 of the IRC of 1986

              The debtor's right to receive, or property that is traceable to:

              an award under a crime victim's reparation law;

              a payment on account of the wrongful death of an individual of whom the debtor was a dependent;

              a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individual's death;

              a payment, not to exceed $18,450 on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or

              a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent

              Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986

 

 

 

 

BANKRUPTCY EXEMPTIONS

 

In Maryland, you are allowed to keep $12,000 worth of personal property (of the types specified below), plus some other types of property.  Specifically, the Maryland exemptions are:

 

              Crime victims’ compensation awards

              Fraternal benefit society benefits

              $2,500 worth of tools of trade/profession

              Miscellaneous benefits, such as sickness, accident, injury, death, etc.

              Professional prescribed health aids

              $500 worth of family clothes, furnishings, books, and pets (valued at replacement value, which is the price a store would charge for the property of that kind considering the age and condition of the property)

              $3,000 worth of property or cash back from attachment

              $2,500 worth of real property interests

              Pension and retirement

              Public assistance

              Unemployment compensation

              Wages

              Workers’ compensation

              Partnership property

 

In the District of Columbia, you can use the Federal exemptions or the DC exemptions. 

 

The DC exemptions allow you to keep:

 

 

MORE BANKRUPTCY INFORMATION

 

      Bankruptcy FAQs

      Bankruptcy Links

      Bankruptcy Blogs

      Bankruptcy Glossary

      Free bankruptcy analysis

      Filing Fees

      Documents you’ll need to

        provide to get started

 

      Credit Repair

 

      Talk directly to an attorney free of charge

 

      Notice required by 11 USC §527(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement required by 11 U.S.C. Sec. 528(a)(4):
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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This website is designed for general information only. The information presented on this website should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

 

© 2006 ADAMS LAW OFFICE, LLC.  All rights reserved.

 

 
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