MAINE BANKRUPTCY LAW
Maine Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Maine Bankruptcy Statistics: In Maine, in 2009, 3,871 bankruptcies were filed. Business bankruptcies accounted for 241 or 6.23% and personal bankruptcies accounted for 3,630 or 93.77% of the total filings.
Maine State Bankruptcy Exemptions
The home (“homestead") exemption is limited in value to $35,000 for one person or $70,000 if the debtor is over age 60 or mentally or physically disabled. Sale proceeds are exempt for up to six months after the sale of the property. Maine defines “homestead" to include real property and personal property.
The following expenses or items are exempt in their entirety in Maine:
The following expenses or items are exempt up to a specified limit in Maine:
The following individuals’ and their survivors’ pension benefits are exempt or partially exempt when filing for bankruptcy in Maine:
The following pension types are exempt or partially exempt when filing for bankruptcy in Maine:
The following insurance types are entirely or partially exempt when filing for bankruptcy in Maine:
The following public benefits are exempt when filing for bankruptcy in Maine:
Tools of the trade
This is a separate exemption. The following items have been considered tools of the trade in the state of Maine:
In Maine, no wages are exempt.
Wildcard: Unused portion of homestead exemption limited to $6,000, books, musical instruments, clothes, household goods, furnishings, appliances, personal recoveries, and tools of the trade. In addition, $400 of any property.
The following miscellaneous items are exempt in Maine:
Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Maine.
Maine Bankruptcy Court: