Bill > HB1098

This bill modifies Maryland law regarding exemptions from the execution of judgments, particularly concerning residential real property in bankruptcy proceedings. It expands the definition of owner-occupied residential real property that can be exempted to include property held in a revocable trust, meaning a trust that the person who created it (the settlor) can cancel or change without the consent of others. Additionally, the bill increases the exemption amount for owner-occupied residential real property to $75,000 for an individual, and this amount will be adjusted for inflation every three years starting in October 2027. The bill also clarifies that these changes apply only to bankruptcy proceedings filed on or after its effective date of June 1, 2026.