Maine Bankruptcy Exemptions

On this page you can find all of the exemptions for Maine. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Debtor's interest in real or personal property used by debtor as residence, or a burial plot (includes a cooperative and proceeds of sale for six months)
$47500 ($95,000 if minor dependents reside there) ($95,000 if debtor or dependent is age 60 or older or disabled)
14 MRSA § 4422(1)
Motor Vehicle
One motor vehicle
$5,000
14 MRSA § 4422(2)
Wild Card
Debtor's interest in any property, whether or not otherwise exempt
$400
14 MRSA § 4422(15)
Wages / Wage Garnishment
Disposal earnings
75% or 40 times the federal minimum hourly rate per week, whichever is greater
14 MRSA § 3126-A & 9-A MRSA § 5-105
Insurance
Group life and health insurance
100%
24-A MRSA § 2430
Insurance
Proceeds of health insurance policies and disability insurance supplemental to life insurance or annuity contracts
100%
24-A MRSA § 2429
Insurance
Proceeds and avails of life, endowment, annuity or accident insurance policies wherein beneficiary is not the insured
100%
24-A MRSA § 2428
Insurance
Payments under life insurance contract insuring the life of an individual of whom the debtor was a dependent on the date of death
Amount reasonably necessary to support debtor & dependents
14 MRSA § 4422(14)(C)
Insurance
Accrued dividends or interest under, or loan value of, any unmatured life insurance contract owned by debtor under which the insured is the debtor or a person of whom the debtor is a dependent.
$4,000 less transfers made under nonforfeiture provisions of policy
14 MRSA § 4422(11)
Insurance
Any unmatured life insurance contract owned by debtor, except credit life insurance contract
100%
14 MRSA § 4422(10)
Insurance
Benefits from fraternal benefit societies Repossessed collateral when creditor brings action against consumer
100%
24-A MRSA § 4118
Insurance
Individual annuity contract proceeds
$450 per month
24-A MRSA § 2431
Personal Property
Payments on the account of the wrongful death of an individual of whom the debtor was a dependent
Amount reasonably necessary to support debtor & dependents
14 MRSA § 4422(14)(B)
Personal Property
Professionally prescribed health aids
100%
14 MRSA § 4422(12)
Personal Property
6 months’ food provisions; seeds, fertilizers, feed, & other materials needed for one growing season: and all tools & equipment needed for raising & harvesting food
100% (must be held primarily for the personal, family, or household use of the debtor or a dependent)
14 MRSA § 4422(7)
Personal Property
One cooking stove, all furnaces or heating stoves, and fuel not to exceed 10 cords of wood, 5 tons of coal, 1,000 gallons of oil, or its equivalent
100% (must be held primarily for the personal, family, or household use of the debtor or a dependent)
14 MRSA § 4422(6)
Personal Property
Repossessed collateral when creditor brings action against consumer for debt, if not entitled to deficiency judgment
100%
9-A MRSA § 5-103
Personal Property
Personal jewelry of debtor or dependent
$750
14 MRSA § 4422(4)
Personal Property
Military uniforms, arms and equipment of militiaman or serviceman
100%
37-B MRSA § 262
Personal Property
Household furnishings & goods, wearing apparel, appliances, books, animals, crops, or musical instruments
$200 per item (must be held primarily for the personal, family, or household use of the debtor or a dependent)
14 MRSA § 4422(3)
Personal Property
Payments in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent
Amount reasonably necessary to support debtor & dependents
14 MRSA § 4422(14)(E)
Personal Property
Payments on account of bodily injury, not including pain & suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent
$12,500
14 MRSA § 4422(14)(D)
Pensions / Retirement Accounts
State retirement system benefits
100% (child support claims excepted)
5 MRSA § 17053, 17054
Pensions / Retirement Accounts
Employees’ interest in group annuities and pension trusts
100%
24-A MRSA § 2432
Pensions / Retirement Accounts
Payments or accounts under IRA or similar contracts
$15,000 or amount reasonably necessary to support debtor and dependents, whichever is greater
14 MRSA § 4422(13)(F)
Pensions / Retirement Accounts
Payments or accounts under stock bonus, pension, profit-sharing, annuity or similar plan or contract on account of illness, disability, death, age or length of service
Amount reasonably necessary to support debtor & dependents
14 MRSA § 4422(13)(E)
Tools of the Trade
Professional logging equipment
100%
14 MRSA § 4422((-A)
Tools of the Trade
One commercial fishing boat not exceeding 5 tons burden
100%
14 MRSA § 4422(9)
Tools of the Trade
One of every type of farm implement reasonably needed for debtor to raise & harvest agricultural products commercially, including personal property incidental thereto
100%
14 MRSA § 4422(8)
Tools of the Trade
Implements, professional books, or tools of the trade of the debtor or a dependent
$5,000
14 MRSA § 4422(5)
Public Benefits
Temp. assistance to needy families
100%
22 MRSA § 3766
Public Benefits
Aid to needy persons
100%
22 MRSA § 3180
Public Benefits
Crime victims reparation law awards
100%
14 MRSA § 4422(14)(A)
Public Benefits
Social Security benefits, unemployment compensation, Fed., state or local public assistance benefits, veterans' benefits, & disability, illness or unemployment benefits, and Fed. Earned income tax credit & child tax credit
100%
14 MRSA § 4422(13)(A),(B)(C)
Public Benefits
Workmen's compensation benefits
100% (support claims excepted)
39-A MRSA § 106
Public Benefits
Unemployment compensation benefits
100%
26 MRSA § 1044
Miscellaneous
Specific partnership property
100% of partner's interest
31 MRSA § 1051 & 1054
Miscellaneous
Any property exempt under 14 MRSA § 4422(3), (5) & (14)
Amount equal to any unused portion of the residence exemption under 14 MRSA § 4422(1), but not exceeding $6,000.
14 MRSA § 4422(16)
Miscellaneous
Alimony, support or separate maintenance payments
Amount reasonably necessary to support debtor & dependents
14 MRSA § 4422(13)(D)

If you want to learn more about filing bankruptcy in Maine please visit our FAQ Page or for more information about Maine you can visit the Maine section.