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.
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.
31-305 - Business partnership property.