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Maine Bankruptcy Exemptions

The chart below contains a summary of Maine state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Maine bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Maine Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSET EXEMPTION LAW
Maine Homestead Real or personal property used as residence to $47,500. If debtor has minor dependents in residence, or debtor is over 60 years old or physically or mentally disabled, to $95,000. 14-4422(1)
Wages None (but can use Federal nonbankruptcy wage exemption)
Automobile Up to $5,000 14-4422(2)
Other property Disability or health proceeds, benefits, or avails 14-4422(13)(A),(C); 24-A-2429
Alimony and child support needed for support 14-4422(13)(D)
Animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances to $200 per item 14-4422(3)
Jewelry to $750; unlimited for one wedding and one engagement ring 14-4422(4)
Burial plot in lieu of homestead exemption 14-4422(1)
Commercial fishing boat (5-ton limit) 14-4422(9)
Wildcard $400 of any property 14-4422(15)
Unused portion of homestead exemption to $6,000 or unused exemption in animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances, tools of the trade, and personal injury recoveries 14-4422(16)

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Maine bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Maine bankruptcy exemptions laws.

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