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Maine Bankruptcy Exemptions

Federal Supplemental Exemptions can be used in conjunction with your Maine exemptions and can be viewed here.

In Maine, you may choose to use the Federal Exemption set instead of your state exemptions.

You may also want to visit your local federal bankruptcy court web site:

Also see Maine bankruptcy forms.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

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)

 

 

 

MISC.

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-A-106

 

 

 

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)