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Is $126,000.00 the maximum homestead exemption in the state of Maryland for Bankruptcy ? What are the statutes which grant it?

Olney, MD |

I am filing for bankruptcy. My house has equity of $75,000.00 My bills, credit cards are $85,000.
I thought that I read that there was a homestead exemption of about 126,000. However, I cannot find it written anywhere.

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Attorney answers 3


Sorry, the MD Homestead exemption is tied to the Federal homestead exemption which is currently $21,625. However, that might not be the end of the story.

Depending on how your home is titled and if you are joint on any of your debts, you may still be able to protect your real property from seizure. There are also other banktuptcy options which may help you.

I would strongly urge you not to go into this alone. Hire a lawyer. If you make a mistake in a chapter 7 filing, you can't get out of it easily or at all.

If you think bankruptcy attorneys are expensive, you don't want to know how much it may cost you without competent and specific legal advice.

My firm would be happy to assist you.


I encourage you to consult with an experienced Maryland Bankruptcy Attorney to assess the specifics of your situation. Good luck to you.

Law Offices of J Thomas Smith J.D., Ph.D 11500 Northwest Freeway, Suite 280 Houston, TX 77092 713-LAWYER-2 NOTE: Responses are for the education of the community at large and is not intended to be "legal advice." No attorney-client relationship is established by responses or comments.


In Maryland the homestead exemption is limited to $21,625. If your home is owned by you and a spouse, you should consult an attorney to discuss the tenancy by entirety exemption that may be available to you. An analysis of the value of your home should be done as well. Chapter 7 and Chapter 13 (a payment plan) are available to you and should be part of the discussion. You should consult with a Maryland Bankruptcy attorney of which I am one.

No attorney client relationship is established until both parties sign a retainer agreement. The questioner is advised to hire a lawyer to address this issue and obtain complete legal advice.

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