Are there any state or federal laws that protect assets from creditors?

Yes, there are both state and federal laws that protect assets from creditors in Maryland. On the state level, the Maryland Code provides for a number of exemptions from creditors’ claims. For instance, most of an individual’s wages are exempt from creditors’ claims and certain amounts of personal property such as jewelry, cars, and household goods are exempt from seizure by creditors. Additionally, certain benefits such as Social Security, veterans’ benefits, and unemployment compensation are also exempt from creditors’ claims in Maryland. On the federal level, the Bankruptcy Code, which is a federal law, provides for additional protections for debtors who file for bankruptcy. This includes the ability to exempt certain assets from creditors, including certain types of income. Additionally, the Bankruptcy Code also provides for the discharge of certain debts, which means that creditors are no longer able to collect on those debts. In sum, people in Maryland who are facing creditors’ claims can look to both state and federal law for protection of their assets. By understanding which assets are exempt from creditors’ claims, individuals in Maryland can better protect their property from creditors.

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