Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are certain assets that you may not be able to keep when filing for bankruptcy in Maryland. The U.S. Bankruptcy Code requires that you provide your creditors with information on your assets in order to determine what can be used to pay off your debts. Generally, assets that are nonexempt may be used to pay your creditors. Some of the most common assets that may not be exempt from bankruptcy in Maryland include cash, bank accounts, stocks and bonds, equity in real estate, personal property such as cars, furniture, and other valuable items, and certain forms of income such as alimony, child support, and Social Security benefits. In addition, certain types of property that may be considered exempt from bankruptcy in Maryland may be subject to recapture if the trustee or court determines that they are being used to unfairly reduce the amount of assets available to pay creditors. These include cash rebates, certain annuities, and insurance proceeds. Finally, it is important to note that creditors may also have a lien on assets, which prevents you from using them to pay creditors while in bankruptcy. This means that even if an asset is exempt from bankruptcy, it may still be subject to a lien and cannot be used to pay creditors. Therefore, it is important to consult with a qualified bankruptcy attorney to ensure that you understand what assets may be exempt and which may be subject to a lien.

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Are there any assets that I cannot keep after filing for bankruptcy?

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