Montana Bankruptcy Exemptions

The State of Montana does not have federal exemptions available in bankruptcy cases.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once the debtor files for bankruptcy. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. However, there is certain property either excluded or exempt that the debtor will be able to keep. Property or asset exemptions are determined based upon your specific situation, personal income and the individual laws of Montana.

This is a list of some of the available exemption in the State of Montana. You can obtain and more detailed list of exemptions by contacting a qualified Montana bankruptcy attorney. They will be able to list and explain all of the state exemptions.

The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney which can evaluate your individual case and guide you through the process. Contact an attorney today.

Unless otherwise noted, husband and wives may double most exemptions.

Assets

Homestead: Homestead exemption must be filed before filing for bankruptcy, Real property or mobile home you occupy to $100,000; sale, insurance proceeds or condemnation exempt for 18 months

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, SEP and SIMPLE IRAs, defined benefit plans and profit sharing and money purchase plans. ERISA qualified benefits deposited over 1 year before filing bankruptcy or up to 15% of debtor’s gross annual income Traditional and ROTH IRAs to $1,095,000 per person, IRA and ROTH IRA contributions and earnings made before judgment filed, University system employees, Teachers, Public employees, Police officers, Firefighters

Miscellaneous: Child Support, Alimony

Insurance: Un-matured life insurance contracts to $4,000, Hail insurance benefits, Fraternal benefit society benefits, Annuity contract proceeds to $350 per month, Group life insurance policy or proceeds, Disability or illness proceeds, benefits, or avails, Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors, Medical, hospital care, or surgical benefits, Personal Property: Burial plot, Cooperative association shares to $500 value, household furnishings, appliances, goods, animals, feed, crops, musical instruments, firearms, clothing, sporting goods, jewelry and books to $600 per item, total to $4,500. Motor vehicle to $2,500, Health aids, Proceeds from sale or for damage or loss of exempt property for 6 months after received

Public Benefits: Social Security, Crime victims’ compensation, Unemployment compensation, Workers’ compensation, Local public assistance, Veterans’ benefits, Aid to blind, aged or disabled, Silicosis benefits, Subsidized adoption payments, Vocational rehabilitation to blind

Tools of Trade: Uniforms, accoutrements, arms, needed to carry out government, functions, Books, tools of trade and implements to $3,000

Wages: Minimum 75% of earned but unpaid weekly disposable earnings, or 30 times the federal hourly minimum wage, whichever is greater; bankruptcy judge may authorize more for low-income families

Wildcard: None

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