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(3) The plan or contract does not qualify under the | United States Internal Revenue Code of 1954, Section | 401(a), 403(a), 403(b), 408 or 409.; or |
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| | Sec. 5. 14 MRSA §4422, sub-§13, ¶F is enacted to read: |
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| F.__A payment or account under an individual retirement | account or similar plan or contract on account of illness, | disability, death, age or length of service to the sum of | $15,000 or to the extent reasonably necessary for the | support of the debtor and any dependent of the debtor, | whichever is greater. |
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| | This bill amends the laws that govern what property is exempt | from attachment and execution and is exempt for purposes of a | bankruptcy proceeding. It increases the exemption for a | residence from $12,500 to $25,000 and from $25,000 to $50,000 if | minor dependents live with the debtor. It increases the | exemption for a motor vehicle from $2,500 to $5,000. It provides | that a payment or account under an individual retirement account | or similar plan or contract is generally exempt to the sum of | $15,000 or to the extent reasonably necessary for the support of | the debtor and any dependent of the debtor, whichever is greater. | Current law provides that such a payment or account is exempt to | the extent reasonably necessary for the support of the debtor and | any dependent of the debtor. |
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