Montana State Exemption List
Only State Exemptions Allowed
In the state of Montana you can not use the federal bankruptcy exemption list but must choose the Montana Bankruptcy exemptions. There may be certain federal supplemental exemptions you can use. All exemptions should be discussed with your Montana Bankruptcy Attorney.
Montana has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Montana. There may be certain residency requirements to use the State of Montana Bankruptcy Exemption List.
The following table will outline the Montana Bankruptcy Exemptions. Some of your property or assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
Homestead: 320 acres if farm, 1 acre outside municipality, 1/4 acre in municipality $100,000/200,000
Must record homestead declaration before filing for bankruptcy |
70-32-104, 70-32-201,
70-32-216
70-32-105 |
| Public benefits |
Aid to aged, disabled, AFDC
Crime victims’ compensation
Local public assistance
Silicosis benefits
Social security
Subsidized adoption benefits
Unemployment compensation
Veterans’ benefits
Vocational rehabilitation to the blind
Workers’ compensation |
53-2-606
53-9-129
25-13-608(1)(b)
39-73-110
25-13-608(1)(b)
53-2-607
31-2-106(2), 39-51-3105
25-13-608(1)(1)
53-2-607
39-71-743 |
| Personal Property |
Appliances, household furnishings, goods, animals with feed, crops, musical instruments, books, firearms, sporting goods, clothing & jewelry to $600 per item, $4500 total
Burial plot
Cooperative association shares to $500 value
Health aids (professionally prescribed)
Motor vehicle to $2500
Proceeds for damaged or lost exempt property for 6 months after received |
25-13-609(1)
25-13-608(1)(g)
35-15-404
25-13-608(1)(a)
25-13-609(2)
25-13-610 |
| Insurance |
Annuity contract proceeds to $350 per month
Disability or illness proceeds, avails or benefits
Fraternal benefits society benefits
Group life insurance or proceeds
Hail insurance benefits
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors
Medical, surgical or hospital care benefits
Non-matured life insurance contracts to $4000 |
33-15-514
25-13-608(1)(d), 33-15-513
33-7-522
33-15-512
80-2-245
33-20-120
25-13-608(1)(e)
25-13-609(4) |
| Miscellaneous |
Alimony, child support
Property of business partnership |
25-13-608(1)(f)
35-10-502 |
| Pensions |
ERISA-qualified benefits deposited over 1 year before filing bankruptcy in excess of 15% of debtor’s annual income
Firefighters
Game wardens
Highway patrol officers
Judges
Police officers
Public employees
Sheriffs
Teachers
University system employees |
31-2-106
19-11-612(1), 19-13-1004
19-8-805(2)
19-6-705(2)
19-5-704
19-9-1006, 19-10-504(1)
19-3-105(1)
19-7-502(2)
19-4-706(2)
19-21-212 |
| Tools of trade |
Implements, books & tools of trade to $3000
Uniforms, arms, accoutrements needed to carry out government functions |
25-13-609(3)
25-13-613(b) |
| Wages |
Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors |
25-13-614 |
| Wildcard |
None |
|