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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17224
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Bankruptcy Question When filing a Chapter 13, how do I

Customer Question

Bankruptcy Question:

When filing a Chapter 13, how do I ensure that my monetary assets are protected on the forms; and does listing my home as an "usecured" debt then require the lender to prove the debt is owed by using form F?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You need to list all your assets in your schedules and if you wish to protect them,

WALLSTREETESQ :

you need to state the specific exemption laws that your State has for these assets,

WALLSTREETESQ :

In regards to your home, you need to list it is real property,

WALLSTREETESQ :

and you can list the mortgage as an unsecured creditor if you wish, however the lender than would have to show that it has a security interest in your property.

Customer :

Where do I find these "exemption laws" in my state to protect these assets?

WALLSTREETESQ :

Maryland Bankruptcy Exemptions

Unless otherwise noted, all law references are to the Maryland Code of Courts & Judicial Proceedings.

Homestead

Property you occupy to $21,625 (spouses may double). Property held as tenancy in the entirety to unlimited amount as to debts of one spouse.

Personal Property

Bus. Reg. 5-503 - Burial plot.

Bus. Reg. 5-602 - Perpetual care trust funds.

Educ. 18-1913 - Prepaid college trust funds.

11-504 - Clothing, household goods, furnishings, appliances, books, and pets up to $1,000 total; health aids; lost future earnings recoveries.

Wages

Comm. 15-601.1 - Earned but unpaid wages are exempt as follows: in Caroline, Kent, Queen Anne's, and Worcester counties, the greater of 75% of actual wages or 30 times the federal minimum wage; in all other counties, the greater of 75% or $145 per week.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.

State Pers. & Pen. 21-502 - State employees

11-504 - ERISA-qualified benefits, including IRAs, Roth IRAs and Keoghs.

Public Benefits

Labor & Employ. 8-106 - Unemployment compensation.

Labor & Employ. 9-732 - Workers' compensation.

Code of 1957 art. 24 16-103 - Baltimore police death benefits.

Crim. Proc. 11-816 - Crime victims' compensation.

Tools of Trade

11-504 - Tools, books, instruments, appliances, and clothing needed for work up to $5,000.

Insurance

Ins. 8-431 - Fraternal benefit society benefits.

Ins. 16-111 - Life insurance or annuity contract proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is a dependent of the insured.

Comm. 15-601.1 - Medical benefits deducted from wages as well as medical insurance payments up to $145 per week or 75% of disposable wages.

11-504 - Disability or health benefits.

Miscellaneous

11-504 - Child support and alimony to the same extent that wages are exempt.

Wildcard

11-504(b)(5) - $6,000 in cash or any property if claimed within 30 days of attachment or levy.

11-504(f) - Any real or personal property up to $5,000 total.

Other

WALLSTREETESQ :

The link above has the above exemptions,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit

Customer :

so, how do I protect my "cash" assets? The cash mentioned is under "Wildcard" for $6,000 or did I miss it in the examples listed above? I'm filing a chapter 13 to save my home that's being sold fraudently. However, the only way to stop the sale is through the 13. I don't want to loose my savings inside the BK.