Maine, ME Bankruptcy Exemptions

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The Essential Maine Bankruptcy Information Guide

Maine, ME Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Maine Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Maine Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	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	14-4422
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, annuity, accident, or endowment policy, proceeds, dividends, interest, loan, cash, or surrender value	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)
	Death benefits for police, fire or emergency medical personnel who lose their lives in the line of duty.	25-1612
MISCELLANEOUS	Alimony and child support needed for support	14-4422(13)D
	Property of business partnership	31-305
	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.	14-4422
PENSIONS	ERISA-qualified benefits	14-4422(13)E
	Judges	4-1203
	Legislators	3-703
	State employees	5-17054
	Tax exempt retirement accounts; Traditional and Roth IRAa up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances to $200 per item	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 $5,000	14-4422(2)
	Personal injury recoveries to $12,500	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
	$400 of any property.	14-4422
PUBLIC BENEFITS	AFDC	22-3180
	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-A-106
	Maintenance under the Rehabilitation Act.	26-1411-H
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

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