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    Montana

    In general, a debtor may claim exemption of his homestead (MCA 70-32-101, 70-32-201.) and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. A debtor, who is a resident of the State of Montana is also entitled to claim exemption of certain personal property from execution or forced sale. (MCA 25-13-606.)

    A judgment debtor is entitled to a homestead exemption of his dwelling house or mobile home, and all appurtenances thereon, from execution or forced sale. If the debtor is married, the homestead may be selected from the property of either spouse. (MCA 70-32-103.) The value of a homestead may not exceed $100,000 for an individual and $200,00.00 Joint. (MCA 70-32-104(1).) If a debtor who is an owner of an undivided interest in real property claims a homestead exemption, he is limited to an exemption amount proportional to his undivided interest only. (MCA 70-32-104(2).)
    professionally prescribed health aids for the debtor or his dependent,
    federal social security or local public assistance, veterans' benefits,
    disability or illness benefits,
    benefits paid or payable for medical, surgical, or hospital care to the extent they are used or will be used to pay for the care,
    maintenance and child support,
    a burial plot, and social security legislation benefits. (MCA 25-13-608.)
    Personal property which are exempt up to a limited value may include household furnishings and goods, appliances, jewelry, wearing apparel, books, firearms and other sporting goods, animals, feed, crops, and musical instruments to the extent of a value not exceeding $600.00 in any item or $4,500.00 in aggregate value,
    one motor vehicle not to exceed $2,500 in value,
    implements, professional books and tools of the trade not to exceed $3,000.00 in aggregate value, and
    any unmatured life insurance contracts not to exceed $4,000.00 in value. (MCA 25-13-609.)
    In situations where money or property has been sold, lost, damaged or destroyed, and the judgment debtor has been indemnified, he is entitled for six (6) months to an exemption of proceeds that are traceable. Earnings of the judgment debtor may also remain exempt for 45 days after receipt by him and while in his possession in a form that is traceable. For the purpose of tracing, the principles of first-in first-out, last-in first-out, or any other reasonable basis for tracing selected by the judgment debtor may be applied. (MCA 25-13-610.)

    In a bankruptcy proceeding, a debtor may not claim exemption of the property specified in 11 U.S.C. 522(d) except for those property which may be exempt from execution of judgment under the laws of Montana, unemployment benefits and certain retirement plan benefits. (MCA 31-2-106.)
    www.BankruptcyForum.com

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