| Attention: All 94-bankruptcy
districts charge the same filing fees. Chapter 7: $299 Chapter 13: $274 |
|
|
||||||||||||
        |
||||||||||||
|
MAINE EXEMPTION LISTHow to use this table of exemptions, by Attorney Thomas A. Prediletto. The following is a summary of the Maine exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. However, if your residence has not been continuously in the state of Maine for the two years prior to filing a bankruptcy petition, there are laws that apply as to which state or federal exemptions may be used. Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a “matching” exemption. Some state exemptions contain a “wildcard” which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt. The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors. By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors. The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home. Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption. To view Maine exemption list and amounts available, click here or scroll down the page. To view Maine Codes, visit Justia US Laws - Maine Code. |
|
|||||||||||
| Description | LAW |
Max Individual Amount |
Max Joint Amount |
| Aid To Dependent Children | 22 MRSA §3753 | UNLIMITED | |
| Aid To Needy Persons | 22 MRSA § 3180 | UNLIMITED | |
| Alimony, Support, Maintenance | 14 MRSA § 4422(13)(D) | UNLIMITED | |
| Annuity Contract Proceeds | 24-A MRSA § 2431 | UNLIMITED | |
| Any Selected Property | 14 MRSA § 4422(15) | $400.00 | $800.00 |
| Bodily Injury Payments | 14 MRSA § 4422(14)(D) | $12,500.00 | $25,000.00 |
| Burying Grounds | 13 MRSA § 1141 | UNLIMITED | |
| Cemetery Corporation Property | 13 MRSA § 1301 | UNLIMITED | |
| Cemetery Lots | 13 MRSA § 1143 | UNLIMITED | |
| Certificate of Title/Salvage | 29-A MRSA § 658 | UNLIMITED | |
| Commercial Fishing Boat | 14 MRSA § 4422(9) | UNLIMITED | |
| Cooking Stove, Furnaces, Fuel | 14 MRSA § 4422(6) | UNLIMITED | |
| Crime Victims Reparations Awards | 14 MRSA § 4422(14)(A) | UNLIMITED | |
| Death Benefits - In Line Of Duty | 25 MRSA §1612 | UNLIMITED | |
| Disability, Illness Benefits | 14 MRSA 4422(13)(C) | UNLIMITED | |
| Exempt Property Acquired Within 90 Days Attachments/Filing | 14 MRSA § 4423 | UNLIMITED | |
| Family Burying Grounds | 13 MRSA § 1142 | UNLIMITED | |
| Farm Implements - Harvest | 14 MRSA § 4422(8) | UNLIMITED | |
| Fraternal Benefits Society Benefits | 24-A MRSA 4118 | UNLIMITED | |
| Future Earnings Compensation | 14 MRSA § 4422(14)(E) | UNLIMITED | |
| Government Benefits Social Security, Public Assistance | 14 MRSA § 4422(13)(A)-(C ) | UNLIMITED | |
| Health Aids | 14 MRSA § 4422(12) | UNLIMITED | |
| Health Insurance Proceeds | 24-A MRSA § 2429 | UNLIMITED | |
| Homestead or Burial Plot | 14 MRSA § 4422(1)(A) | $47,500.00 | $95,000.00 |
| Homestead or Burial Plot - 60 or older or disabled | 14 MRSA § 4422(1)(B) | $95,000.00 | $190,000.00 |
| Homestead or Burial Plot - Minor dependent lives with debtor | 14 MRSA § 4422(1)(A) | $47,500.00 | $95,000.00 |
| Household Furnishings(subject to $200 per item max amt) | 14 MRSA § 4422(3) | UNLIMITED | |
| Individual Retirement Account Exempt up to $15,000.00 | 14 MRSA § 4422(13)(F) | UNLIMITED | |
| Jewelry | 14 MRSA § 4422(4) | $750.00 | $1,500.00 |
| Judicial Retirement Benefits | 4 MRSA §1203 | UNLIMITED | |
| Legislative Retirement System Benefits | 3 MRSA §703 | UNLIMITED | |
| Life Endowment Annuity, Accident Ins. | 24-A MRSA § 2428 | UNLIMITED | |
| Life Insurance - Unmatured | 14 MRSA § 4422(10) | UNLIMITED | |
| Life Insurance Payments | 14 MRSA § 4422(14)(C) | UNLIMITED | |
| Life Insurance, Dividends, Interest, Loan Value | 14 MRSA § 4422(11) | $4,000.00 | $8,000.00 |
| Life, Health Insurance - Group | 24-A MRSA § 2430 | UNLIMITED | |
| Limitation or Garnishment | 9-A MRSA § 5-105 | UNLIMITED | |
| Military Equipment, Arms, Uniforms | 37-B MRSA § 262 | UNLIMITED | |
| Motor Vehicle | 14 MRSA § 4422(2) | $5,000.00 | $10,000.00 |
| Motor Vehicle Financial Responsibility Deposits | 29-A MRSA § 1605 | UNLIMITED | |
| Pension Trust, Group Annuities | 24-A MRSA § 2432 | UNLIMITED | |
| Pension, Stock Bonus, Annuity Payments | 14 MRSA § 4422(13)(E) | UNLIMITED | |
| Proceeds - Exempt Property Reinvested In Residence | 14 MRSA §4422(1)(C) | UNLIMITED | |
| Provisions For 6 Months - Food | 14 MRSA § 4422(7) | UNLIMITED | |
| Public Assistance | 22 MRSA § 3766, 14 MRSA § 442(13)(a) | UNLIMITED | |
| Rehabilitation Services | 26 MRSA § 1411-H | UNLIMITED | |
| Repossessed Collateral-Creditor Action Against Consumer | 9-A MRSA § 5-103 | UNLIMITED | |
| Retirement Benefits - State | 5 MRSA § 17054 | UNLIMITED | |
| Seeds, Fertilizers - 1 Growing Season | 14 MRSA §4422(7)(B) | UNLIMITED | |
| Specific Partnership Property | 31 MRSA § 305 | UNLIMITED | |
| Tools And Equipment For Harvesting Food | 14 MRSA §4422(7)(C) | UNLIMITED | |
| Tools Of Trade - Books, Equipment | 14 MRSA § 4422(5) | $5,000.00 | $10,000.00 |
| Unemployment Compensation Benefits | 26 MRSA § 1044, 14 MRSA § 44213)(C) | UNLIMITED | |
| Unused Residence Exemption | 14 MRSA § 4422(16) | $6,000.00 | $12,000.00 |
| Veterans’ Benefits | 14 MRSA 4422(13)(B) | UNLIMITED | |
| Wedding & Engagement Bands | 14 MRSA § 4422(4) | UNLIMITED | |
| Workmen's Compensation Benefits | 39-A MRSA § 106 | UNLIMITED | |
| Wrongful Death Payments | 14 MRSA § 4422(14)(B) | UNLIMITED |
