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
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