- Maryland Homestead Exemption
- Federal Non-Bankruptcy Homestead Exemptions (available in every State)
- US Bankruptcy Code § 522(d) Homestead Exemption
Homestead Exemptions - State System
(State Law + Federal Non-Bankruptcy Law)
Homestead Exemption Under Maryland Law
Owner occupied residential property or condo or co-op to $25,150 (husband and wife may not double)
Property held as tenancy by the entirety is exempt against debts owed by only one spouse
Amount | Joint amount |
---|---|
$27,900 |
55,800 |
NOTE: Residency Requirement Caps Maximum Homestead at $189,050 if you've recently moved to a State that allows more than that
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $189,050. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
Federal Non-Bankruptcy Homestead Exemptions
These are exemptions under federal law, but and are NOT part of the bankruptcy code list of exemptions in 522(d), so states cannot "opt out" from these exemptions. These exemptions available in every State ONLY IF you are using the state exemptions. You cannot use these exemptions if you are using the federal bankruptcy exemption scheme under § 522(d)
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Homestead Exemptions - Federal Bankruptcy Exemptions
(Exemptions under 11 U.S.C. § 522(d) only)
No. Md. Code Ann., Cts. & Jud. Proc. § 11-504
The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if
- you haven't lived in any state longer than 180 days for a while,
- or
- if your state allows the Federal exemptions as a choice.