Legal Question in Business Law in Maryland

Re: Collections - can assets in joint name be siezed to pay a judgement?

It depends. Real estate held as tenancy by the entireties by both spouses is protected from creditors of just one spouse, as are joint bank accounts between spouses. This protection is only available to married couples. Other forms of joint ownership are subject to attachment.

Assets that cannot be taken are specifically enumerated in the state Code, and include $2500 in tools and equipment for the practice of a trade; injury or death compensation and benefits; prescribed health aids; $500 in household items; $3000 in any other property; and quailfied retirement plans (including IRAs) up to the tax-exempt contribution amount. In addition, certain federal payments (social security, military pensions) are exempt.

What exemptions or non-exemptions might surprise you I will not guess, but I will say that other people's property is not subject to attachment, unless it was fraudulently transferred to the other person. Partnership interests of the debtor may be attached under a charging order, but a partner's property is not subject to attachment for another partner's debts.