Maryland HB1098 alters exemptions for owner-occupied residential real property in bankruptcy proceedings.

Maryland HB1098 modifies the exemption for owner-occupied residential real property in bankruptcy proceedings. It includes certain real property held in a revocable trust and alters the exemption amount based on the debtor's age and disability status. The exemption is adjusted annually based on the Consumer Price Index. The bill also specifies that the exemption cannot exceed $300,000 for an individual who is a veteran or has a disability, and $150,000 for any other individual. The changes apply only to bankruptcy proceedings filed after the bill's effective date of June 1, 2026.

Maryland HB1098 alters exemptions for owner-occupied residential real property in bankruptcy proceedings.

Maryland HB1098 modifies the exemption for owner-occupied residential real property in bankruptcy proceedings. It includes certain real property held in a revocable trust and alters the exemption amount based on the debtor's age and disability status. The exemption is adjusted annually based on the Consumer Price Index. The bill also specifies that the exemption cannot exceed $300,000 for an individual who is a veteran or has a disability, and $150,000 for any other individual. The changes apply only to bankruptcy proceedings filed after the bill's effective date of June 1, 2026.