Maine Bankruptcy Exemptions

Homestead

14-4422 - Real property used as residence up to $35,000 (up to $70,000 if over 60 or disabled or if the debtor has a minor dependant who lives in the residence). Includes co-op. Sale proceeds for 6 months.

Personal Property

9-A-5-103 - Balance due on repossessed goods, provided total amount financed is not more than $2,000.

14-4422 - Motor vehicle up to $5,000; cooking stove; furnaces and stoves for heat; food to last 6 months; fuel not to exceed 5 tons of coal, 1,000 gallons of oil, or 10 cords of wood; health aids; 1 wedding ring & 1 engagement ring; other jewelry up to $750; up to $200 per item for each of the following: household goods & furnishings, clothing, appliances, books, animals, crops, and musical instruments; lost earnings payments needed for support; feed, seed, fertilizer, tools and equipment to raise and harvest food for 1 season; wrongful death recoveries needed for support; personal injury recoveries up to $12,500; $400 of any property. Burial plot for the debtor or a dependent of the debtor, in lieu of homestead exemption.

37-B-262 - Military arms, clothes, and equipment.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAa up to $1,095,000 per person.

3-703 - Legislators.

4-1203 - Judges.

5-17054 - State employees.

14-4422 - ERISA-qualified benefits.

Public Benefits

14-4422 - Unemployment compensation, veterans' benefits, Social Security, and crime victims' compensation; earned income and child tax credits; federal, state or local public assistance benefits.

22-3180 - Public assistance.

26-1411-H - Maintenance under the Rehabilitation Act.

39-A-106 - Workers' compensation.

Tools of Trade

14-4422 - Books, materials, and stock up to $5,000; 1 of each type of farm implement necessary to raise and harvest crops; 1 boat not to exceed 5 tons used in commercial fishing.

Alimony and Child Support

14-4422 - Alimony and child support needed for support.

Insurance

14-4422 - Unmatured life insurance policy (except credit insurance); life insurance policy, dividends, interest, or loan value for person you depended upon up to $4,000.

24-A-2428 - Life, annuity, accident, or endowment policy, proceeds, dividends, interest, loan, cash, or surrender value.

24-A-2429 - Disability or health insurance proceeds, avails or benefits.

24-A-2430 - Group life or health policy or proceeds.

24-A-2431 - Annuity proceeds up to $450 per month.

24-A-4118 - Fraternal benefit society benefits.

25-1612 - Death benefits for police, fire or emergency medical personnel who lose their lives in the line of duty.

Miscellaneous

14-4422 - Unused homestead to $6,000 or unused total for tools of trade, personal injury recoveries, or household goods & furnishings, clothing, appliances, books, animals, crops, and musical instruments.

Other - Add any applicable Federal Nonbankruptcy Exemptions


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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed are prepared by Rica Gilmore.