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Will I be able to keep my property (e.g., car, house, etc.) if I file bankruptcy?
Yes and no. There are certain types and amounts of property that you are allowed to keep in a Chapter 7 bankruptcy depending on the state in which you file.
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 wo rth 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.
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