Montana bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Montana bankruptcy district courts are located in four places – Billings, Butte, Great Falls, and Missoula.
Properties Exemptions Under The Montana Bankruptcy Laws
As per the Montana bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Montana bankruptcy district courts.
•Homestead Exemptions are allowed up to 100,000 dollars in total. However, in case of a married couple filing bankruptcy jointly, the amount will get double to 200,000 dollars. It is also mandatory for you to record homestead declaration before filing for bankruptcy.
•There are certain area restrictions as well under the homestead exemptions. For example, in case you own a farm, the area should not exceed 320 acres. Likewise, if the property is located in municipality, the maximum area should be 0.25 acre and if it is outside municipality, it should be one acre.
•Insurance Exemptions include Disability or illness proceeds, avails or benefits; Hail insurance benefits; fraternal benefits society benefits; Medical, surgical or hospital care benefits etc.
•If there are any Un-matured life insurance contracts, they are also exemptible under the Montana bankruptcy laws up to the amount of four thousand dollars.
•Annuity contract proceeds are also exemptible up to 350 dollars per month.
•Pension funds are exempted under the Montana bankruptcy laws, but only following individuals are eligible for such exemptions.
◦Firefighters
◦Police officers
◦Sheriffs
◦University system employees
◦Judges
◦Game wardens
◦Highway patrol officers
◦Teachers
•Motor vehicle is exemptible up to 2500 dollars.
•Cooperative association shares are also exemptible up to 500 dollars.
•Wild Card exemptions are not allowed under Montana bankruptcy laws.