Montana Bankruptcy Exemptions
The chart below contains a summary of Montana state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Montana bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Montana Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Montana Homestead||Real property or mobile home occupied by debtor to $250,000.||70-32-104; 70-32-201; 70-32-213|
|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 debtors.||25-13-614|
|Automobile||Up to $2,500||25-13-609(2)|
|Other property||Medical, surgical, or hospital care benefits||25-13-608(1)(f)|
|Appliances, household furnishings, goods, animals with feed, crops, musical instruments, books, firearms, sporting goods, clothing, and jewelry to $600 per item, $4,500 total||25-13-609(1)|
|Implements, books, and tools of trade to $3,000||25-13-609(3)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Montana bankruptcy court statutes.