MD HB1098

Increases the homestead exemption in bankruptcy to $300,000 for individuals age 60+ who are veterans or have a physician-certified disability expected to last at least 12 months, and $150,000 for all other individuals

Expands the residential property exemption to include owner-occupied property held in a revocable trust, in addition to condominiums and manufactured homes converted to real property

Caps the total exemption at $300,000 when multiple individuals in the same bankruptcy proceeding claim the exemption for the same property

Requires annual inflation adjustments to exemption amounts beginning in fiscal year 2028, based on the Consumer Price Index and rounded to the nearest $25

Takes effect June 1, 2026 and applies only to bankruptcy proceedings filed on or after that date