Maryland bankruptcy law allows debtors filing for bankruptcy to keep some of their assets and income sources during bankruptcy. Some forms of financial support include child support, alimony, pension benefits, and certain other funds listed in the bankruptcy code.
The petitioner filing for bankruptcy can keep up to $22,975 in property value for their home. As nearly all houses have values far higher than this value, a homeowner in Chapter 7 bankruptcy will typically not be able to keep their house unless they have a high mortgage and are not behind in payments. Homeowners are also allowed to keep personal property, cash, and tools for their businesses up to a predetermined value.