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 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.
Note: Exemptions may have changed since our last update.
» Read the complete Maine bankruptcy
exemptions here
» Back to Bankruptcy Laws In Your State