Maine Bankruptcy Exemptions 2020

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Written by Upsolve Team.  
Updated July 2, 2020

Summary

It's important to understand what the exemptions for Maine are and how they're most often used in a bankruptcy case.

How Do Exemptions Work?

When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.

That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.

Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.

If you're looking for a deep understanding of bankruptcy exemptions, read this article.

Does Maine allow federal exemptions?

Maine does not recognize the federal exemptions.

Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.

Maine Exemptions

11 U.S.C. § 522(b)(3)(C)

Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.

5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)

Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (10)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (10) to cover unmatured life insurance. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (11)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (11) to cover life insurance proceeds. For single debtors filing, it has a coverage limit of $4,000.

Me. Rev. Stat. Ann. tit. 14, § 4422 (12)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (12) to cover health aids. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A) to cover social security. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(C)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(C) to cover unemployment compensation. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(C); Me. Rev. Stat. Ann. tit. 24-A, § 2429

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(C); Me. Rev. Stat. Ann. tit. 24-A, § 2429 to cover disability or health benefits. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 22, § 3766; Me. Rev. Stat. Ann. tit. 22, § 3180

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(A); Me. Rev. Stat. Ann. tit. 22, § 3766; Me. Rev. Stat. Ann. tit. 22, § 3180 to cover public assistance. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(B)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(B) to cover veterans benefits. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(D)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(D) to cover alimony and child support. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(E)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(E) to cover erisa benefits. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(F)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (13)(F) to cover ira. For single debtors filing, it has a coverage limit of $15,000.

Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(A)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(A) to cover crime victims' compensation. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(B)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(B) to cover wrongful death recoveries. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (11)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (11) to cover life insurance. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(D)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(D) to cover personal injury recovery. For single debtors filing, it has a coverage limit of $12,500.

Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(E)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (14)(E) to cover lost future earnings. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (2)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (2) to cover motor vehicle (one). For single debtors filing, it has a coverage limit of $5,000. This exemption has a limit to the number of assets it can cover.

Me. Rev. Stat. Ann. tit. 14, § 4422 (3)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (3) to cover household goods, clothing, books, animals. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (4)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (4) to cover jewelry. For single debtors filing, it has a coverage limit of $750.

Me. Rev. Stat. Ann. tit. 14, § 4422 (5)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (5) to cover tools of trade. For single debtors filing, it has a coverage limit of $5,000.

Me. Rev. Stat. Ann. tit. 14, § 4422 (6)(A),(B)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (6)(A),(B) to cover cooking stove and furnaces for heat. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (6)(C); Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(A)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (6)(C); Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(A) to cover food for six months. fuel - 10 cords of wood, 5 tons of coal, or 1,000 gal. of heating oil. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(B)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(B) to cover seeds, fertilizer, and feed (for 1 season). For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(C)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (7)(C) to cover tools and equipment to raise food. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (8)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (8) to cover farm implement. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (9)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (9) to cover commercial fishing boat - 46-foot limit. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4423

Most people use Me. Rev. Stat. Ann. tit. 14, § 4423 to cover exempt property acquired within 90 days of filing. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 24-A, § 2430

Most people use Me. Rev. Stat. Ann. tit. 24-A, § 2430 to cover group health or life proceeds. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 24-A, § 2431

Most people use Me. Rev. Stat. Ann. tit. 24-A, § 2431 to cover annuity proceeds - to $450 per month. For single debtors filing, it has a coverage limit of $450.

Me. Rev. Stat. Ann. tit. 24-A, § 4118

Most people use Me. Rev. Stat. Ann. tit. 24-A, § 4118 to cover fraternal society benefits. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 25, § 1612

Most people use Me. Rev. Stat. Ann. tit. 25, § 1612 to cover death benefits for police, fire or emergency personnel. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 26, § 1411-H

Most people use Me. Rev. Stat. Ann. tit. 26, § 1411-H to cover maintenance under rehabilitation act. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 3, § 703

Most people use Me. Rev. Stat. Ann. tit. 3, § 703 to cover legislator retirement. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 37-B, § 262

Most people use Me. Rev. Stat. Ann. tit. 37-B, § 262 to cover military clothes and equipment. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 39-A, § 106

Most people use Me. Rev. Stat. Ann. tit. 39-A, § 106 to cover workers' compensation. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 4, § 1203

Most people use Me. Rev. Stat. Ann. tit. 4, § 1203 to cover judges retirement. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 5, § 17054

Most people use Me. Rev. Stat. Ann. tit. 5, § 17054 to cover state employee retirement. For single debtors filing, it has no coverage limit.

Me. Rev. Stat. Ann. tit. 14, § 4422 (15)

Most people use Me. Rev. Stat. Ann. tit. 14, § 4422 (15) to cover wildcard - can apply unused homestead to $6,000, to be used for any of the following: jewelry, tools of trade, personal injury recoveries, or household goods & furnishings, clothing, appliances, books, animals, crops, and musical instruments (me. rev. stat. ann. tit. 14, § 4422(16)).. For single debtors filing, it has a coverage limit of $400.

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