FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE All Bankruptcy law references are to Maine Revised Statutes Annotated. |
ASSET |
EXEMPTION |
LAW PROVISION |
HOMESTEAD
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Real or personal property (including cooperative) used as residence to $47,500, if debtor over age 60 or physically or mentally disaabled, $95,000 (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 |
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Life, endowment, annuity or accident policy, proceeds or avails |
14-44229(14)C, 24-A-2428 |
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Life insurance policy, interest, loan value or accrued dividends for policy from person you depended on, to $4,000 |
14-4422(11) |
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Unmatured life insurance policy, except credit insurance policy |
14-4422(10) |
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MISCELLANEOUS |
Alimony and child support needed for support |
14-4422(13)D |
|
Property of business partnership |
31-305 |
|
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PENSIONS |
ERISA-qualified benefits |
14-4422(13)E |
|
Judges |
4-1203 |
|
Legislators |
3-703 |
|
State employees |
5-17054 |
|
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PERSONAL PROPERTY |
Animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances to $200 per item |
14-4422(3) |
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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) |
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Cooking stove; furnaces and stoves for heat |
14-4422(6)A & B |
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Food to last 6 months |
14-4422(7)A |
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Fuel not to exceed 10 cords of wood, 5 tons of coal or 1,000 of petroleum |
14-4422(6)C |
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Health aids |
14-4422(12) |
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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) |
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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 |
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Tools and equipment to raise and harvest food |
14-4422(7)C |
|
Wrongful death recoveries needed for support |
14-4422(14)B |
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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 |
|
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TOOLS OF TRADE |
Boat not exceeding 5 tons used in commercial fishing |
14-4422(9) |
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Books, materials and stock to $5,000 |
14-4422(5) |
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1 of each type of farm implement needed to harvest and raise crops |
14-4422(8) |
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WAGES |
NONE |
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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) |