Montana Bankruptcy Exemptions

This list of exemptions updated August 2007. All law references are to Montana Code Annotated unless otherwise noted. Federal bankruptcy exemptions are not available in Montana.

Homestead

70-32-105 & 70-32-104 & 70-32-201 - Real property or mobile home up to $100,000. Must occupy at time of filing for bankruptcy, and must record a homestead declaration before filing. Insurance, condemnation or sale proceeds for 18 months.

Personal Property

25-13-608 - Health aids; burial plot.

25-13-609 - Motor vehicle up to $2,500; clothing, household goods and furnishings, appliances, jewelry, books, animals and feed, musical instruments, firearms, sporting goods, and crops up to $600 per item and $4,500 total.

25-13-610 - Proceeds for damaged or lost exempt property for 6 months after receipt.

35-15-404 - Cooperative association shares up to $500 value.

Wages

25-13-614 - The greather 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.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

19-2-1004 - Public employees.

19-19-504 & 19-18-612 - Police officers and firefighters.

19-20-706 - Teachers.

19-21-212 - University system employees.

25-13-608 - Roth IRA and IRA contributions and earnings that were made before the judgement is filed.

31-2-106 - ERISA-qualified benefits in excess of 15% of annual income, if deposited at least 1 year before filing.

Public Benefits

25-13-608 - Social Security, veterans', & local public assistance benefits.

39-71-743 - Workers' compensation.

39-73-110 - Silicosis benefits.

39-51-3105 - Unemployment compensation.

53-2-607 - Aid to aged and disabled, vocational rehabilitation to the blind, subsidized adoption payments.

53-9-129 - Crime victims' compensation.

Tools of Trade

25-13-609 - Tools, books, and instruments of trade up to $3,000.

25-13-613 - Arms, uniforms, and accoutrements needed to carry out government functions.

Alimony and Child Support

25-13-608 - Alimony and child support.

Insurance

25-13-608 & 33-15-513 - Disability or illness proceeds, benefits, dividends, interest, loan, cash, or surrender value, and medical or hospital benefits.

25-13-609 - Unmatured life insurance contracts up to $4,000.

33-7-522 - Fraternal benefit society benefits.

33-15-512 - Group life insurance policy or proceeds.

33-15-514 - Annuity contract proceeds up to $350 per month.

33-20-120 - Life insurance proceeds if policy prohibits use to pay creditors.

80-2-245 - Hail insurance benefits.

Miscellaneous

Other - Add any applicable Federal Nonbankruptcy Exemptions

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