Re: what to do about credit cards

Posted by Why Chat (209.240.222.130) on May 26, 2002 at 20:53:15:

In Reply to: what to do about credit cards posted by Nancy Carroll on May 26, 2002 at 18:38:43:

Normally I would also advise BK, however Maryland is not a good State for that.Especially if the credit cards were signed jointly. I am posting the Md. BK laws. You might try Ch.13,or, if you have substantial equity,have lost a job and have no other ties, you might consider selling and moving to a State that has homestead protection,before you have any filed judgments to impair your title.
Maryland
 Homestead • None, however, property held as tenancy by the entirety exempt against debt
  of only one spouse. Homestead may be included as all or part of debtor's $5,500 in wild card exemptions.
 Insurance • Medical benefits deducted from wages
 Disability or health benefits
 Fraternal society benefits
 Life insurance 
 Miscellaneous • Partnership Property • Uniform Partnership Act provision exempting a
 partner's interest in specific partnership property applies. 
 Pensions and Retirement Benefits • ERISA (except IRAs)
 Deceased Baltimore police officers
   State employees
  Teachers 
  Personal Property • Appliances, furnishings, household goods, books, pets & clothing to
 $500.
 Burial place
 Recovery for lost future earnings
 Public Benefits • Exempt.
 Unemployment compensation
 Workers' compensation
   AFDC
  Crime victims' compensation
 General assistance 
 Tools of trade • $2,500 in clothing, books, tools, instruments and appliances necessary for
 any trade or profession, and not for sale, lease or barter. Can't include car. 
 Wages • In Caroline, Kent, Queen Anne's and Worcester counties, the greater of 75% of
 disposable wages or 30 times federal minimum wage per pay period (except for state
 income tax claims); elsewhere, the greater of $145 times number of weeks in which wages
 earned or 75% of disposable wages. All withheld medical insurance payments also exempt.
 Wild Card • $5500 of any property

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