Maine Bankruptcy Laws

Speak with a Maine Bankruptcy Attorney

If you are a Maine resident and are thinking of filing for bankruptcy a Maine bankruptcy attorney will go over all of your options.

Find out, with the help of a Maine bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy works best for you.

For an appointment with a local Maine bankruptcy attorney just fill out the form on this page.

Maine Bankruptcy Law and State Exemptions

In your initial appointment with your Maine bankruptcy attorney you will cover all of the important differences from Chapter 7 and Chapter 13 bankruptcy.

During this appointment your Maine bankruptcy attorney will ask you many personal finance questions or provide you with a profile sheet to list specific financial details. The answers you list should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is the right choice for you.

Chapter 7 bankruptcy is known as liquidation as the bankruptcy trustee may opt to sell or auction non-exempted property (see State Exemptions list below).

However, in most of Chapter 7 bankruptcy cases, the person filing bankruptcy owns no non-exempt property, so this would not apply to the majority of filings. Provided you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice, as you would be allowed to discharge most of your unsecured debt.

Before you file Chapter 7 bankruptcy please discuss your situation with a Maine bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

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Maine State Exemptions

Homestead

1. Up to $47,500 for residential property.
2. Up to $95,000 if residential property houses minor dependents. Also applies to anyone filing who is or has a dependent who is: 60-years-old or older, mentally or physically disabled.

Automobiles

One motor vehicle worth up to $5,000.

1. Clothing, appliances, furniture and similar items worth up to $200 per item.
2. Up to $750 worth of jewelry.
3. Up to $5,000 worth of trade tools.
4. 100 percent of the value of furnaces, stoves, fuel and farming equipment.

Chapter 13 Bankruptcy is known as “reorganization”. Persons filing Chapter 13 may own more property and by filing Chapter 13 may also keep most of their possessions.

In Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This plan allows the debtor to repay pre-existing bills.

Speak With a Maine Bankruptcy Attorney Today

If you have ever pondered filing bankruptcy in Maine you may be unaware of where to begin or feel burdened by the complexity of the bankruptcy laws.

To resolve all questions about the bankruptcy laws, a Maine bankruptcy attorney will be able to take you through the bankruptcy process in layman’s terms. When you visit a Maine bankruptcy attorney you will also be able to get many of your questions and concerns answered in the first consultation.

Take the difficulty out of finding a good Maine bankruptcy attorney. Just complete our bankruptcy questionnaire on this page and we will route you to a Maine bankruptcy attorney in your area.

Note: This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

Maine Bankruptcy Attorneys are located in the following towns:

ABBOT, ACTON, ADDISON, ALBION, ALFRED, ALNA, ANDOVER, ANSON, ASHLAND, ATHENS, AUBURN, AUGUSTA, AURORA, BAILEY ISLAND, BAILEYVILLE, BANGOR, BAR HARBOR, BAR MILLS, BASS HARBOR, BATH, BEALS, BELFAST, BELGRADE, BELGRADE LAKES, BENEDICTA, BERNARD, BERWICK, BETHEL, BIDDEFORD, BIDDEFORD POOL, BINGHAM, BIRCH HARBOR, BLAINE, BLUE HILL, BOOTHBAY, BOOTHBAY HARBOR, BOOTHBAY HARBOR, BOOTHBAY HBR , BOWDOIN, BOWDOINHAM, BRADFORD, BRADLEY, BREMEN, BREWER, BRIDGEWATER, BRIDGTON, BRISTOL, BROOKLIN, BROOKS, BROOKSVILLE, BROOKTON, BROWNFIELD, BROWNVILLE, BROWNVILLE JUNCTION, BRUNSWICK, BRYANT POND, BUCKFIELD, BUCKSPORT, BURLINGTON, BURNHAM, BUSTINS ISLAND, BUXTON, CALAIS, CAMBRIDGE, CAMDEN, CANAAN, CANTON, CAPE ELIZABETH, CAPE NEDDICK, CAPE PORPOISE, CARATUNK, CARIBOU, CARMEL, CASCO, CASTINE, CENTER LOVELL, CHAMBERLAIN, CHARLESTON, CHEBEAGUE ISLAND, CHERRYFIELD, CHINA VILLAGE, CLAYTON LAKE, CLIFF ISLAND, CLINTON, COLUMBIA FALLS, COOPERS MILLS, COREA, CORINNA, CORINTH, CORNISH, CRANBERRY ISLES, CROUSEVILLE, CUMBERLAND CENTER, CUMBERLAND FORESIDE, CUSHING, CUTLER, DAMARISCOTTA, DANFORTH, DANVILLE, DEER ISLE, DENMARK, DENNYSVILLE, DETROIT, DEXTER, DIXFIELD, DIXMONT, DOVER FOXCROFT, DRESDEN, DRYDEN, DURHAM, E PARSONFIELD, E VASSALBORO, EAGLE LAKE, EAST ANDOVER, EAST BALDWIN, EAST BLUE HILL, EAST BOOTHBAY, EAST DIXFIELD, EAST LIVERMORE, EAST MACHIAS, EAST MILLINOCKET, EAST NEWPORT, EAST ORLAND, EAST POLAND, EAST WATERBORO, EAST WILTON, EAST WINTHROP, EASTON, EASTPORT, EDDINGTON, EDGECOMB, ELIOT, ELLSWORTH, ESTCOURT STA, ETNA, EUSTIS, EXETER, FAIRFIELD, FALMOUTH, FARMINGDALE, FARMINGTN FLS, FARMINGTON, FORT FAIRFIELD, FORT KENT, FORT KENT MILLS, FT KENT MLS, FRANKFORT, FRANKLIN, FREEDOM, FREEPORT, FRENCHBORO, FRENCHVILLE, FRIENDSHIP, FRYEBURG, GARDINER, GARLAND, GEORGETOWN, GLEN COVE, GORHAM, GOULDSBORO, GRAND ISLE, GRAND LAKE STREAM, GRAY, GREENBUSH, GREENE, GREENVILLE, GREENVILLE JUNCTION, GREENWOOD, GUILFORD, HALLOWELL, HAMPDEN, HANCOCK, HANOVER, HARBORSIDE, HARMONY, HARPSWELL, HARRINGTON, HARRISON, HARTLAND, HEBRON, HINCKLEY, HIRAM, HOLDEN, HOLLIS CENTER, HOPE, HOULTON, HOWLAND, HUDSON, HULLS COVE, ISLAND FALLS, ISLE AU HAUT, ISLE OF SPRINGS, ISLESBORO, ISLESFORD, JACKMAN, JAY, JEFFERSON, JONESBORO, JONESPORT, KENDUSKEAG, KENNEBUNK, KENNEBUNKPORT, KENTS HILL, KINGFIELD, KINGMAN, KITTERY, KITTERY POINT, LAGRANGE, LAMBERT LAKE, LEBANON, LEE, LEEDS, LEVANT, LEWISTON, LIBERTY, LIMERICK, LIMESTONE, LIMINGTON, LINCOLN, LINCOLNVILLE, LINCOLNVILLE CENTER, LINCOLNVL CTR, LISBON, LISBON FALLS, LITCHFIELD, LITTLE DEER ISLE, LIVERMORE, LIVERMORE FALLS, LONG ISLAND, LOVELL, LUBEC, MACHIAS, MACHIASPORT, MADAWASKA, MADISON, MANCHESTER, MAPLETON, MARS HILL, MATINICUS, MATTAWAMKEAG, MECHANIC FALLS, MEDDYBEMPS, MEDWAY, MEXICO, MILBRIDGE, MILFORD, MILLINOCKET, MILO, MINOT, MONHEGAN, MONMOUTH, MONROE, MONSON, MONTICELLO, MOODY, MORRILL, MOUNT DESERT, MOUNT VERNON, NAPLES, NEW GLOUCESTER, NEW HARBOR, NEW LIMERICK, NEW PORTLAND, NEW SHARON, NEW SWEDEN, NEW VINEYARD, NEWCASTLE, NEWFIELD, NEWPORT, NEWRY, NOBLEBORO, NORRIDGEWOCK, NORTH ANSON, NORTH BERWICK, NORTH BRIDGTON, NORTH HAVEN, NORTH MONMOUTH, NORTH TURNER, NORTH VASSALBORO, NORTH WATERBORO, NORTH WATERFORD, NORTH YARMOUTH, NORTHEAST HARBOR, NORWAY, OAKFIELD, OAKLAND, OCEAN PARK, OGUNQUIT, OLAMON, OLD ORCHARD BEACH, OLD TOWN, OQUOSSOC, ORIENT, ORLAND, ORONO, ORRINGTON, ORRS ISLAND, OWLS HEAD, OXBOW, OXFORD, PALERMO, PALMYRA, PARIS, PARSONSFIELD, PASSADUMKEAG, PATTEN, PEAKS ISLAND, PEMAQUID, PEMBROKE, PENOBSCOT, PERHAM, PERRY, PERU, PHILLIPS, PHIPPSBURG, PITTSFIELD, PLYMOUTH, POLAND, PORT CLYDE, PORTAGE, PORTER, PORTLAND, POWNAL, PRESQUE ISLE, PRINCETON, PROSPECT HARBOR, RANDOLPH, RANGELEY, RAYMOND, READFIELD, RICHMOND, ROBBINSTON, ROCKLAND, ROCKPORT, ROCKWOOD, ROUND POND, ROXBURY, RUMFORD, S FREEPORT, SABATTUS, SACO, SAINT AGATHA, SAINT ALBANS, SAINT DAVID, SAINT FRANCIS, SALSBURY COVE, SANDY POINT, SANFORD, SANGERVILLE, SARGENTVILLE, SCARBOROUGH, SEAL COVE, SEAL HARBOR, SEARSMONT, SEARSPORT, SEBAGO, SEBASCO ESTATES, SEBASCO ESTS , SEBEC, SEDGWICK, SHAPLEIGH, SHAWMUT, SHERIDAN, SHERMAN, SHIRLEY MILLS, SINCLAIR, SKOWHEGAN, SMITHFIELD, SMYRNA MILLS, SOLON, SORRENTO, SOUTH BERWICK, SOUTH BRISTOL, SOUTH CASCO, SOUTH CHINA, SOUTH GARDINER, SOUTH PARIS, SOUTH PORTLAND, SOUTH THOMASTON, SOUTH WINDHAM, SOUTHPORT, SOUTHWEST HARBOR, SPRINGFIELD, SPRINGVALE, SPRUCE HEAD, STACYVILLE, STANDISH, STEEP FALLS, STETSON, STEUBEN, STILLWATER, STOCKHOLM, STOCKTON SPRINGS, STONEHAM, STONINGTON, STRATTON, STRONG, SULLIVAN, SUMNER, SUNSET, SURRY, SWANS ISLAND, TEMPLE, TENANTS HARBOR, THOMASTON, THORNDIKE, TOPSFIELD, TOPSHAM, TREVETT, TROY, TURNER, UNION, UNITY, VAN BUREN, VANCEBORO, VASSALBORO, VIENNA, VINALHAVEN, W FARMINGTON, W KENNEBUNK, WAITE, WALDOBORO, WALLAGRASS, WALPOLE, WARREN, WASHBURN, WASHINGTON, WATERBORO, WATERFORD, WATERVILLE, WAYNE, WELD, WELLS, WESLEY, WEST BALDWIN, WEST BOOTHBAY HARBOR, WEST ENFIELD, WEST FORKS, WEST MINOT, WEST NEWFIELD, WEST PARIS, WEST POLAND, WEST ROCKPORT, WESTBROOK, WESTFIELD, WHITEFIELD, WHITING, WILTON, WINDHAM, WINDSOR, WINN, WINTER HARBOR, WINTERPORT, WINTHROP, WISCASSET, WOOLWICH, WYTOPITLOCK, YARMOUTH, YORK, YORK BEACH, YORK HARBOR