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Maine Bankruptcy

Exemption Court
Maine Bankruptcy Exemption
Homestead:
Real estate property where the debtor uses to reside $ 35,000 which may extend to $ 70,000 on the following two cases:
  1. If minor dependents are residing with the debtor in that house.
  2. The debtor or any dependent on the debtor is 65 or above residing in the same house with the debtor.

Wages:
75 % of the disposable earnings or 40 times the federal minimum hourly rate per week.

Vehicle:
One motor vehicle worth $ 5,000.

Household Goods:
Regular household goods, books, appliances, wearing apparel, musical instruments, animals and crops are exempted of worth $ 200 per article and which must be owned primarily by the debtor or his/her dependent.

Professional Tools & Books:
Implements, devices and books used to carry on profession up to worth $ 5,000.

IRA and similar accounts and contracts:
$ 15,000 or the amount that is necessary for the debtor and his/her dependents.

Annuity Contract:
Individual annuity contract proceeds up to $ 450 per month.

Other Property:
Any property in which the debtor has interest other than the exempted property can be exempted worth $ 400.

Injury Benefits:
Bodily injury benefits or compensation payments is exempted up to $ 12,500.

Cooking Fuels:
1000 gallons of oil, 5 tons of coal & 10 cords of woods.

Total or Absolute Exemptions for:
  • Specific partnership interest.
  • Wedding and engagement ring.
  • One commercial fishing boat.
  • Professionally prescribed health aids.
  • Unemployment compensation.
  • Social security benefits.
  • Public assistance benefits.
  • Crime victim's reparation adds.
  • Annuity contract proceeds.
  • Aid to needy person & depended child.
  • State retirement benefits.
  • Workmen's compensation.

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