Maine State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Maine law provides a number of exemptions that protect your property, and your Maine TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
Up to $35,000 in value of real or personal property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor. If minor dependents live with the debtor, the debtor's aggregate interest may not exceed $ 70,000.
Wages
No specific wage exemption. Payments for loss of future earnings, IRA payouts, bonuses, and other benefits exempt to the extent necessary for support.
Automobiles
The debtor's interest, not to exceed $5,000 in value, in one motor vehicle.
Other Property
The debtor's interest, not to exceed $5,000 in value, in clothing; furniture; appliances; and similar items. the debtor's interest, not to exceed $200 in value in any particular item; 100 percent of household furnishings, household goods, wearing apparel, appliances, books, animals, crops or musical instruments; jewelry not to exceed $750 in value; tools of the trade not to exceed $5,000 in value; and 100 percent of the value of furnaces, stoves and fuel, food, farming and fishing equipment.
» Read the complete Maine bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.