Maine Bankruptcy Exemptions

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 PropertyExemption DescriptionStatute / CodeNotes
HomesteadReal 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 ProceedsUp to \$450/month.24-A M.R.S. § 2431
Disability / Health ProceedsFully exempt benefits or avails.14 M.R.S. § 4422(13)(A)&(C), 24-A M.R.S. § 2429
Fraternal Benefit Society BenefitsFully exempt.24-A M.R.S. § 4118
Group Health or Life PolicyFully exempt policy/proceeds.24-A M.R.S. § 2430
Life, Endowment, Annuity, Accident PolicyProceeds or avails are generally exempt.14 M.R.S. § 4422(14)(C), 24-A M.R.S. § 2428
Life Insurance Policy Interest, Loan Value, DividendsUp 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 SupportExempt to extent needed for support.14 M.R.S. § 4422(13)(D)
Property of Business PartnershipExempt from individual partner’s creditors.31 M.R.S. § 305
ERISA-Qualified BenefitsFully exempt under state law.14 M.R.S. § 4422(13)(E)
JudgesExempt retirement benefits.4 M.R.S. § 1203
LegislatorsExempt pension.3 M.R.S. § 703
State EmployeesExempt retirement benefits.5 M.R.S. § 17054
Animals, Crops, Musical Instruments, Books, Clothing, Household GoodsUp 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 GoodsIf total financed amount ≤ \$2,000.9-A M.R.S. § 5-103
Burial Plot in Lieu of HomesteadMay use a burial plot exemption instead of standard homestead.14 M.R.S. § 4422(1)
Cooking Stove, Furnaces, Heating StovesFully exempt if necessary for home.14 M.R.S. § 4422(6)(A)&(B)
Food for 6 MonthsExempt 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 PetroleumEnough to heat debtor’s home.14 M.R.S. § 4422(6)(C)
Health AidsFully exempt.14 M.R.S. § 4422(12)
JewelryUp 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, EquipmentFully exempt.37-B M.R.S. § 262
Motor VehicleUp to \$2,500 equity.14 M.R.S. § 4422(2)
Personal Injury RecoveriesUp 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 SeasonEnough to grow family’s food.14 M.R.S. § 4422(7)(B)
Tools & Equipment to Raise/Harvest FoodExempt 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)
AFDCFully exempt.22 M.R.S. § 3753
Crime Victims’ CompensationFully exempt.14 M.R.S. § 4422(14)(A)
Social SecurityFully exempt.14 M.R.S. § 4422(13)(A)
Unemployment CompensationFully exempt.14 M.R.S. § 4422(13)(A)&(C)
Veterans’ BenefitsFully exempt.14 M.R.S. § 4422(13)(B)
Workers’ CompensationFully exempt.39-A M.R.S. § 106
Boat ≤ 5 Tons Used in Commercial FishingFully exempt if used for livelihood.14 M.R.S. § 4422(9)
Books, Materials, StockUp to \$5,000 total for tools of trade.14 M.R.S. § 4422(5)
1 of Each Type of Farm Implement NeededFor raising/harvesting crops.14 M.R.S. § 4422(8)
WagesNo specific wage exemption in Maine law.--Federal wage garnishment limits apply if no state wage exemption.
WildcardUnused 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.

Disclaimer

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.