Maryland law does not provide homeowners with a specific homestead exemption. The law does allow people to claim up to $5,000 as an exemption on personal or real property which would include equity in their home. This very limited exception may make it difficult for a Maryland homeowner who has more than $5,000 worth of equity in his or her home to keep the home during a bankruptcy proceeding. Of course, if the homeowner cannot continue to make regular mortgage payments the homeowner may also be unable to keep the property during a bankruptcy proceeding.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.