Each state has exemptions to protect certain assets when a person files bankruptcy. Even if closed, you would need to disclose the cash or wherever you may transfer the money to.
In Maryland, here is the exemption statute.
§ 11-504. Exemptions from execution
(b) The following items are exempt from execution on a judgment
(2) Money payable in the event of sickness, accident, injury, or death of any person, including compensation for loss of
future earnings. This exemption includes but is not limited to money payable on account of judgments, arbitrations,
compromises, insurance, benefits, compensation, and relief. Disability
income benefits are not exempt if the judgment is
for necessities contracted for after the disability is incurred
Therefore, you should meet with a local bankruptcy attorney to make sure that the money in the account falls within this exemption. If it does, then the money is protected from bankruptcy liquidation.