Montana, MT Bankruptcy Exemptions

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The Essential Montana Bankruptcy Information Guide

Montana Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Montana Bankruptcy Code.

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 bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Montana Bankruptcy Exemptions

All law references are to Montana Bankruptcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property or mobile home up to $100,000. Must occupy at time of filing for bankruptcy. Insurance, condemnation or sale proceeds for 18 months.	70-32-104, 70-32-201
HOMESTEAD	Must record homestead declaration before filing for bankruptcy	70-32-105
INSURANCE	Annuity contract proceeds to $350 per month	33-15-514
	Disability or illness proceeds, avails or benefits	25-13-608
	Fraternal benefits society benefits	33-7-522
	Group life insurance or proceeds	33-15-512
	Hail insurance benefits	80-2-245
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	33-20-120
	Medical, surgical or hospital care benefits	25-13-608
	Unmatured life insurance contracts to $4000	25-13-609
MISCELLANEOUS	Alimony, child support	25-13-608
PENSIONS	ERISA-qualified benefits deposited over 1 year before filing bankruptcy in excess of 15% of debtor’s annual income	31-2-106
	Firefighters	19-11-612
	Police officers	19-10-504
	Public employees	19-2-1004
	Teachers	19-4-706
	University system employees	19-21-212
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	Roth IRA and IRA contributions and earnings that were made before the judgement is filed.	25-13-608
PERSONAL PROPERTY	Appliances, household furnishings, goods, animals with feed, crops, musical instruments, books, firearms, sporting goods, clothing & jewelry to $600 per item, $4500 total	25-13-609
	Burial plot	25-13-608
	Cooperative association shares to $500 value	35-15-404
	Health aids (professionally prescribed)	25-13-608
	Motor vehicle to $2500	25-13-609
	Proceeds for damaged or lost exempt property for 6 months after received	25-13-610
PUBLIC BENEFITS	Aid to aged, disabled	53-6-607
	Crime victims’ compensation	53-9-129
	Local public assistance	25-13-608
	Silicosis benefits	39-73-110
	Social security	25-13-608
	Subsidized adoption benefits	53-2-607
	Unemployment compensation	39-51-3105
	Veterans’ benefits	25-13-608
	Vocational rehabilitation to the blind	53-2-607
	Workers’ compensation	39-71-743
TOOLS OF TRADE	Tools, books, and implements to $3,000.	513.430
TOOLS OF TRADE	Workers’ compensation	39-71-743
WAGES	The greater of the following: 30 times the federal minimum hourly wage or a minimum of 75% of earned but unpaid wages. Judge may approve more for low income debtor.	25-13-614

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