Credit Repair By Better Credit Reports Consulting

 

Montana STATE LAW

WAGE GARNISHMENT EXEMPTION:

Federal law applies

MAXIMUM INTEREST RATE:

– Legal: 10%
– Judgment: 10% or contract rate

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit cards): 5 years
– Written Contract: 8 years
– Domestic Judgment: 6 years (Renewable)
– Foreign Judgment: 6 (Renewable)

BAD CHECK LAW DAMAGES:

– Three times amount of check up to $500 ($100 minimum check amount)

tape recording

One party state

BANKRUPTCY PROPERTY EXEMPTIONS
(Montana Code Annotated):

– Cannot use the federal exemptions, but can claim the federal non–bankruptcy exemptions
– The State of Montana has exempted the property below from seizure by the bankruptcy court to pay creditors:

Real Property:

– Real estate or mobile home used as residence up to $60,000 and insurance or sale proceeds are exempt for 12 months (are required to record homestead exemption before filing bankruptcy) [70–32–104, 70–32–201, 70–32–216]

Personal Property:

– Animals, appliances, books, clothing, crops, firearms, household furnishings jewelry, musical instruments and sporting goods up to $600 per item and $4,500 total [25–13–609(1)]
– Motor vehicle up to $1,200 [25–13–609(2)]
– Implements, books and tools of trade up to $3,000 [25–13–609(3)]
– Health aids, unlimited amount [25–13–608(1)(a)]
– Burial plot, unlimited amount [25–13–608(1)(g)]
– Arms and equipment required for military use, unlimited amount [25–13–613(b)]
– Proceeds for damaged or lost exempt property for six months after received up to exemption amount [25–13–610]
– Cooperative association shares up to $500 [35–15–404]

Insurance / Annuities:

– Annuity proceeds up to $350 per month [33–15–514]
– Disability or illness benefits, unlimited amount [25–13–608(1)(d) and 33–15–513]
– Life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [33–20–120]
– Fraternal society benefits, unlimited amount [33–7–522]
– Group life insurance policy or proceeds, unlimited amount [33–15–512]
– Un matured life insurance policy up to $4,000 [25–13–609(4)]
– Medical, surgical or hospital care benefits, unlimited amount [25–13–608(1)(e)]
– Hail insurance benefits, unlimited amount [80–2–245]

Pensions / Retirement Plans

– Firefighters, unlimited amount [19–18–612(1)]
– Police officers, unlimited amount [19–19–504(1)]
– Public employees, unlimited amount [19–2–1004]
– Teachers, unlimited amount [19–20–706(2)]
– University system employees, unlimited amount [19–21–212]
– Retirement benefits, unlimited amount, however, amounts in excess of 15% of one's yearly income must be deposited at least one year before filing bankruptcy to be exempt [31–2–106]

Public Benefits / Entitlements:

– Social security, unlimited amount [25–13–608(1)(b)]
– Unemployment compensation, unlimited amount [31–2–106(2) and 39–51–3105]
– Workers compensation, unlimited amount [39–71–743]
– Crime victims compensation, unlimited amount [53–9–129]
– Aid to aged, blind, disabled and families with dependent children, unlimited amount [53–2–607]
– General public assistance, unlimited amount [25–13–608(1)(b)]
– Veterans benefits, unlimited amount [25–13–608(1)(c)]
– Silicosis benefits, unlimited amount [39–73–110]

Wages:

– 75% of earned but unpaid wages [25–13–614]

Miscellaneous:

– Alimony or child support, unlimited amount [25–13–608(1)(f)]