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Filing Bankruptcy in Maine

Bankruptcy filings under Maine bankruptcy laws and your credit ratings.

Maine bankruptcy filings are one of the most trying experiences that debtors undergo when they file for bankruptcy in Maine. People opt for bankruptcies without giving any thoughts about the aftereffects. Many individuals think about declaring insolvency as a way out of their financial difficulties. Few individuals realize filing bankruptcy leads to damaged credit ratings and unhealthy credit facilities for many years. In accordance to Maine bankruptcy law, a debtor has the option to choose between Maine Chapter 7 bankruptcy or Maine Chapter 13 bankruptcy depending upon the nature and extent of debts incurred. Both the types of bankruptcies offer debt relief through the exemptions available within the statute, however in both the cases, there is a price to pay after availing the exemption benefits. Apart from lowering down your morale, bankruptcy stays on your credit history for 7 to 10 years, during which it’s going to be very difficult in availing any loans or credit facility, since lenders tend to avoid applicants having bankruptcy on their credit ratings.

State exemptions in Maine

Federal bankruptcy exemptions are not available in Maine.

Homestead

Any personal property, including cooperative, used primarily as a residence up to $12,500. If the debtor is over 60 or physically or mentally disabled up to a maximum of $60,000 (joint debtors can double).

Wages

None available.

Wild card

Unused portion of the homestead exempted up to $6,000 of books, clothing, musical instruments, household goods, animals, tools of the trade, crops, furnishings, appliances, and personal recoveries. Up to $400 on any property.

Automobiles

Motor vehicles up to $5000.

Misc.

Alimony and child support exempted. Property registered as a business partnership.

Maine bankruptcy lawyer

It’s suggested you find out which Maine bankruptcy lawyers are offering their services in your area, and consult one before you contemplate about bankruptcy as a viable and beneficial debt relief option. A good and experienced Maine bankruptcy attorney will generally suggest bankruptcy as a last resort for availing legal debt relief, and will always advise you try out other debt relief and settlement programs before filing bankruptcy. So consult your local bankruptcy attorneys, and get some legal counseling and help before filing your bankruptcy.

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