Montana Bankruptcy Exemptions 2023
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Written by Upsolve Team.
Reviewed September 29, 2021
It's important to understand what the exemptions for Montana 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 Montana allow federal exemptions?
Montana 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.
Montana Exemptions
Mont. Code Ann. § 19-18-612 (1)
Most people use Mont. Code Ann. § 19-18-612 (1) to cover firefighters pension. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 19-19-504 (1)
Most people use Mont. Code Ann. § 19-19-504 (1) to cover police pensions. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 19-21-212
Most people use Mont. Code Ann. § 19-21-212 to cover university benefits. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608
Most people use Mont. Code Ann. § 25-13-608 to cover teachers pension. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(a)
Most people use Mont. Code Ann. § 25-13-608 (1)(a) to cover health aids. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(b)
Most people use Mont. Code Ann. § 25-13-608 (1)(b) to cover local assistance. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(b)
Most people use Mont. Code Ann. § 25-13-608 (1)(b) to cover social security. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(c)
Most people use Mont. Code Ann. § 25-13-608 (1)(c) to cover veterans' benefits. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(d); Mont. Code Ann. § 33-15-513
Most people use Mont. Code Ann. § 25-13-608 (1)(d); Mont. Code Ann. § 33-15-513 to cover disability benefits, proceeds. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(e)
Most people use Mont. Code Ann. § 25-13-608 (1)(e) to cover ira - made before judgment filed. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(f)
Most people use Mont. Code Ann. § 25-13-608 (1)(f) to cover medical benefits. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(g)
Most people use Mont. Code Ann. § 25-13-608 (1)(g) to cover maintenance and child support. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (1)(k)
Most people use Mont. Code Ann. § 25-13-608 (1)(k) to cover unmatured life insurance. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-608 (i)
Most people use Mont. Code Ann. § 25-13-608 (i) to cover public employees pensions. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-609 (1)
Most people use Mont. Code Ann. § 25-13-609 (1) to cover household goods, equipment for sports and hobbies, firearms, clothes, jewelry, non-farm animals, crops.. For single debtors filing, it has a coverage limit of $7,000.
Mont. Code Ann. § 25-13-609 (2)
Most people use Mont. Code Ann. § 25-13-609 (2) to cover motor vehicle (one). For single debtors filing, it has a coverage limit of $4,000.
Mont. Code Ann. § 25-13-609 (3)
Most people use Mont. Code Ann. § 25-13-609 (3) to cover tools of trade. For single debtors filing, it has a coverage limit of $4,500.
Mont. Code Ann. § 25-13-610
Most people use Mont. Code Ann. § 25-13-610 to cover damaged property proceeds. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-613
Most people use Mont. Code Ann. § 25-13-613 to cover arms, uniforms needed for government functions. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 25-13-614
Most people use Mont. Code Ann. § 25-13-614 to cover unpaid wages - 75% or 30 times the federal hourly minimum wage. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 31-2-106
Most people use Mont. Code Ann. § 31-2-106 to cover erisa benefits. unemployment compensation. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 33-15-511
Most people use Mont. Code Ann. § 33-15-511 to cover life insurance proceeds (beneficiary not the insured). For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 33-15-512
Most people use Mont. Code Ann. § 33-15-512 to cover group life. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 33-15-514
Most people use Mont. Code Ann. § 33-15-514 to cover annuity proceeds - to $350 per month. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 33-20-120
Most people use Mont. Code Ann. § 33-20-120 to cover life insurance proceeds (if clause prohibits). For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 33-7-522
Most people use Mont. Code Ann. § 33-7-522 to cover fraternal benefits. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 39-71-743
Most people use Mont. Code Ann. § 39-71-743 to cover workers' compensation. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 53-2-607
Most people use Mont. Code Ann. § 53-2-607 to cover vocational rehabilitation. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 53-2-607
Most people use Mont. Code Ann. § 53-2-607 to cover public assistance. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 53-9-129
Most people use Mont. Code Ann. § 53-9-129 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
Mont. Code Ann. § 80-2-245
Most people use Mont. Code Ann. § 80-2-245 to cover hail insurance. For single debtors filing, it has no coverage limit.
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.
