Maine State Bankruptcy Exemptions

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Maine State Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE. All law references are to Maine Revised Statutes Annotated.
ASSET	EXEMPTION	LAW PROVISION
HOME STEAD	Real or personal property (including cooperative) used as residence to $12,500, if debtor over age 60 or physically or mentally disaabled, $60,000 (joint debtors may double)	14-4422(1)

INSURANCE	Annuity proceeds to $450 per month	24-A-2431
	Disability or health proceeds, benefits or avails	14-4422(13)A & C 24-A-2429
	Fraternal benefit society benefits	24-A-4118
	Group health or life policy or proceeds	24-A-2430
	Life, endowment, annuity or accident policy, proceeds or avails	14-44229(14)C, 24-A-2428
	Life insurance policy, interest, loan value or accrued dividends for policy from person you depended on, to $4,000	14-4422(11)
	Unmatured life insurance policy, except credit insurance policy	14-4422(10)

MISCELLANEOUS	Alimony and child support needed for support	14-4422(13)D
	Property of business partnership	31-305

PENSIONS	ERISA-qualified benefits	14-4422(13)E
	Judges	4-1203
	Legislators	3-703
	State employees	5-17054

PERSONAL PROPERTY	Animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances to $200 per lien	14-4422(3)
	Balance due on repossessed goods; total amount financed can’t exceed $2,000	9-A-5-103
	Burial plot in lieu of homestead exemption	14-4422(1)
	Cooking stove; furnaces and stoves for heat	14-4422(6)A & B
	Food to last 6 months	14-4422(7)A
	Fuel not to exceed 10 cords of wood, 5 tons of coal or 1,000 of petroleum	14-4422(6)C
	Health aids	14-4422(12)
	Jewelry to $750; no limit for 1 wedding and 1 engagement ring	14-4422(4)
	Lost earnings payments needed for support	14-4422(14)E
	Military clothes, arms and equipment	37-B-262
	Motor vehicle to $2,500	14-4422(2)
	Personal injury recoveries to $12,500, not to include pain and suffering	14-4422(14)D
	Seeds, fertilizers and feed to raise and harvest food for 1 season	14-4422(7)B
	Tools and equipment to raise and harvest food	14-4422(7)C
	Wrongful death recoveries needed for support	14-4422(14)B

PUBLIC BENEFITS	AFDC	22-3753
	Crime victims’ compensation	14-4422(14)A
	Social Security	14-4422(13)A
	Unemployment compensation	14-4422(13)A & C
	Veterans’ benefits	14-4422(13)B
	Workers’ compensation	39-67

TOOLS OF TRADE	Boat not exceeding 5 tons used in commercial fishing	14-4422(9)
	Books, materials and stock to $5,000	14-4422(5)
	1 of each type of farm implement needed to harvest and raise crops	14-4422(8)

WAGES	NONE

WILD CARD	Unused portion of homestead exemption to $6,000 of animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances, tools of the trade and personal recoveries	14-4422(15)
	$400 of any property	14-4422(15)

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Page Last Updated
Thursday January 12, 2006

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