Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Maryland.
Homestead: $22,975; married couples may not double.
Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for state employees, teachers and deceased Baltimore police officers. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Limited to tax-deductible contributions for non-Roth IRAs. Roth IRAs and regular IRAs up to $1,095,000 per person.
Insurance: Life insurance or annuity proceeds if beneficiary is insured's spouse, child or dependent. Medical benefits deducted from wages. Disability or health benefits. Fraternal society benefits.
Personal Property: Appliances, furnishings, household goods, books, pets and clothing up to $1,000. Burial place. Recovery for lost future earnings.
Tools of Trade: Clothing, books, tools, instruments and appliances necessary for any trade or profession, and not for sale, lease or barter, up to $5,000. Excludes car.
Miscellaneous: Business partnership property.
Public Benefits: Unemployment compensation. Workers' compensation. AFDC. Crime victim's compensation. General assistance.
Wages: In Caroline, Kent, Queen Anne's and Worcester counties, the greater of 75% of earned but unpaid wages or 30% of the federal minimum wage; elsewhere, the greater of $145 or 75% of wages. All withheld medical insurance payments also exempt.
Wild Card: $6,000 of any property.