An Act To Conform State Law with Federal Law Regarding Bankruptcy Exemptions
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 14 MRSA §4426, as amended by PL 1989, c. 286, §2, is further amended to read:
§ 4426. Exemptions in bankruptcy proceedings
Notwithstanding anything to the contrary in the United States Code, Title 11, Section 522(b), a debtor may exempt from property of the debtor's estate under United States Code, Title 11, only that property exempt under the United States Code, Title 11, Section 522(b)(2)(A) and (B) , except that any debtor eligible for a residence exemption under section 4422, subsection 1, paragraph B, may exempt the amount allowed in that paragraph.
summary
This bill conforms Maine law to the federal law regarding exemptions in bankruptcy proceedings.