Maine State Exemption List
Only State Exemptions Allowed
In the state of Maine, you will not be able to use the federal exemption list. Only the state exemption list is allowed. Certain supplemental federal exemptions may be allowed and additional Maine residency requirements may apply to use the state exemptions.
It is important to discuss all exemptions with a Maine Bankruptcy Attorney prior to filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. The goal of the exemption list is to allow you to keep enough wages, personal property, public benefits, pensions and homestead exemptions to be able to start over after bankruptcy.
The following table will outline the Maine State Exemptions. Many of your assets may not have a matching exemption.
| Exemptions | Exemption Amount | Statutes |
|---|---|---|
| Homestead | Real or personal property (including cooperative) used as residence to $12,500, if debtor over age 60 or physically or mentally disabled, $60,000 (joint debtors may double) | 14-4422(1) |
| 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) | |
| Wages | NONE | |
| Tools of the 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 |
|
| 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) | |
| Non-matured life insurance policy, except credit insurance policy | 14-4422(10) | |
| Public Benefit | 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 | |
| Miscellaneous | 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 |
