Maine is a dual-choice state, meaning you can select either the **Maine exemptions** or **federal exemptions** when filing bankruptcy. Below is a **comprehensive list** of commonly used Maine-specific exemptions with references to the **Maine Revised Statutes**. Always verify amounts and details with a **licensed attorney**, as laws can change or be interpreted differently.
Note: If the trustee or bankruptcy court determines that you have non-exempt property you wish to keep, you would generally need to pay the trustee the value of that non-exempt property for the benefit of your creditors.
Asset / Type of Property | Exemption Description | Statute / Code | Notes |
---|---|---|---|
Homestead | Real or personal property used as residence (including co-op) up to \$12,500, or\$60,000 if debtor is over age 60 or disabled. Joint filers may double. | 14 M.R.S. § 4422(1) | Sale proceeds may also be protected for a period of time. |
Annuity Proceeds | Up to \$450/month. | 24-A M.R.S. § 2431 | |
Disability / Health Proceeds | Fully exempt benefits or avails. | 14 M.R.S. § 4422(13)(A)&(C), 24-A M.R.S. § 2429 | |
Fraternal Benefit Society Benefits | Fully exempt. | 24-A M.R.S. § 4118 | |
Group Health or Life Policy | Fully exempt policy/proceeds. | 24-A M.R.S. § 2430 | |
Life, Endowment, Annuity, Accident Policy | Proceeds or avails are generally exempt. | 14 M.R.S. § 4422(14)(C), 24-A M.R.S. § 2428 | |
Life Insurance Policy Interest, Loan Value, Dividends | Up to \$4,000 if the policy is from a person you depended on. | 14 M.R.S. § 4422(11) | |
Unmatured Life Insurance Policy (Non-Credit Insurance) | Fully exempt, no set dollar limit. | 14 M.R.S. § 4422(10) | |
Alimony / Child Support | Exempt to extent needed for support. | 14 M.R.S. § 4422(13)(D) | |
Property of Business Partnership | Exempt from individual partner’s creditors. | 31 M.R.S. § 305 | |
ERISA-Qualified Benefits | Fully exempt under state law. | 14 M.R.S. § 4422(13)(E) | |
Judges | Exempt retirement benefits. | 4 M.R.S. § 1203 | |
Legislators | Exempt pension. | 3 M.R.S. § 703 | |
State Employees | Exempt retirement benefits. | 5 M.R.S. § 17054 | |
Animals, Crops, Musical Instruments, Books, Clothing, Household Goods | Up to \$200 per lien (unclear if per item or per debt), references to 14 M.R.S. § 4422(3). | 14 M.R.S. § 4422(3) | |
Balance Due on Repossessed Goods | If total financed amount ≤ \$2,000. | 9-A M.R.S. § 5-103 | |
Burial Plot in Lieu of Homestead | May use a burial plot exemption instead of standard homestead. | 14 M.R.S. § 4422(1) | |
Cooking Stove, Furnaces, Heating Stoves | Fully exempt if necessary for home. | 14 M.R.S. § 4422(6)(A)&(B) | |
Food for 6 Months | Exempt to keep debtor/family fed. | 14 M.R.S. § 4422(7)(A) | |
Fuel up to 10 Cords of Wood, 5 Tons Coal, 1,000 Gallons Petroleum | Enough to heat debtor’s home. | 14 M.R.S. § 4422(6)(C) | |
Health Aids | Fully exempt. | 14 M.R.S. § 4422(12) | |
Jewelry | Up to \$750 total, plus **no limit** for 1 wedding ring and 1 engagement ring. | 14 M.R.S. § 4422(4) | |
Lost Earnings Payments (Needed for Support) | Exempt to extent necessary. | 14 M.R.S. § 4422(14)(E) | |
Military Clothes, Arms, Equipment | Fully exempt. | 37-B M.R.S. § 262 | |
Motor Vehicle | Up to \$2,500 equity. | 14 M.R.S. § 4422(2) | |
Personal Injury Recoveries | Up to \$12,500, excluding pain & suffering or punitive damages. | 14 M.R.S. § 4422(14)(D) | |
Seeds, Fertilizers, Feed to Raise/Harvest Food for 1 Season | Enough to grow family’s food. | 14 M.R.S. § 4422(7)(B) | |
Tools & Equipment to Raise/Harvest Food | Exempt if used for family food supply. | 14 M.R.S. § 4422(7)(C) | |
Wrongful Death Recoveries (Needed for Support) | Exempt to extent necessary if you depended on deceased. | 14 M.R.S. § 4422(14)(B) | |
AFDC | Fully exempt. | 22 M.R.S. § 3753 | |
Crime Victims’ Compensation | Fully exempt. | 14 M.R.S. § 4422(14)(A) | |
Social Security | Fully exempt. | 14 M.R.S. § 4422(13)(A) | |
Unemployment Compensation | Fully exempt. | 14 M.R.S. § 4422(13)(A)&(C) | |
Veterans’ Benefits | Fully exempt. | 14 M.R.S. § 4422(13)(B) | |
Workers’ Compensation | Fully exempt. | 39-A M.R.S. § 106 | |
Boat ≤ 5 Tons Used in Commercial Fishing | Fully exempt if used for livelihood. | 14 M.R.S. § 4422(9) | |
Books, Materials, Stock | Up to \$5,000 total for tools of trade. | 14 M.R.S. § 4422(5) | |
1 of Each Type of Farm Implement Needed | For raising/harvesting crops. | 14 M.R.S. § 4422(8) | |
Wages | No specific wage exemption in Maine law. | -- | Federal wage garnishment limits apply if no state wage exemption. |
Wildcard | Unused portion of Homestead up to\$6,000 can be applied to animals, crops, instruments, books, clothing, furnishings, household goods, appliances, tools of trade, or personal recoveries. Plus an additional \$400 of **any** property. | 14 M.R.S. § 4422(15) | E.g., if you only use \$10,000 of your homestead exemption, \$2,500 remains, up to a max of \$6,000. |
This list is provided for general educational purposes only and does not constitute legal advice. Maine laws and exemption amounts are subject to change or interpretation by courts. Consult a licensed Maine bankruptcy attorney to confirm exact amounts, eligibility, and the potential use of federal or state exemptions in your situation.