Depends on what's wrong with it. Looks pretty bad, not sure it is going to pull through at this point. How much spring leaf out and new growth comes later will be a sign.

If it is sun scald wrapping the stem could prevent additional damage.

I'll give wrapping the truck a shot--at this point it couldn't hurt anything. Thanks!

This is a really poor tree, it should never have left the nursery as anything but compost or wood chips. The branch join is at a poor angle, probably has occluded bark and is very weak. You may be able to save it with cabling or bolting, but be prepared to loose it. I do see some healing where the bark is loose so it could have a slim chance, but it will always be a poor tree. When you replace it look for a quality tree with strong branch unions. As a side note, a lot of people over fertilize trees which causes them to grow too fast for the bark to grow properly. This makes them vulnerable to frost cracks and sun scold, especially true for thin bark trees like Japanese Maples.

Here is a link that might be useful: A bit about branch uniouns.