Bankruptcy in Maine

When it comes to filing bankruptcy in Maine, this can be an admittedly difficult decision, but sometimes filing bankruptcy can be the only decision. The truth is that many individuals file for bankruptcy simply because there is no other way out. Before filing bankruptcy in the state of Maine, you should first look into the other options you have before you go about the process. In the end, if filing bankruptcy is all you have then this article is for you.

The typical bankruptcy filer in Maine

When it comes to those who file for bankruptcy in Maine, the typical filer is an individual that just so happens to be in a lot of debt due to credit cards, loss of job, divorce, medical expenses and more. These expenses then result in a build up of penalties that seem to never end. This all adds up to create a burden of debt that simply cannot be paid off. Bankruptcy law in Maine has been formed to help individuals within the state to overcome this endless cycle of debt. It will help individuals to get a clean and fresh start without owing a penny. Bankruptcy may be the right choice for you; it is a lot better than having to spend your whole life trying to pay off a couple of mistakes.

Filing bankruptcy in Maine

When an individual chooses to file for bankruptcy in Maine, there are certain laws and procedures that they must follow. They will have to go to the Maine District Bankruptcy Court so that they can fill out their bankruptcy papers. While it is possible to do much of the work over the telephone, the individuals who are looking to file for bankruptcy in Maine will have to show up to the Maine District Bankruptcy Court in person at least once. This is so that they can meet with the bankruptcy trustee.

Exemptions in the state of Maine

The most important thing you can know about bankruptcy in Maine is that you are granted exemptions on your property. Property that is declared as exempt can not be taken by your creditors. The most important exemption can be found under law section 14.4422(1). This exemption regards your homestead. This exemption will be dealing with either personal property or real property. This does include cooperative. This real or personal property has to be used as a residence to $12,500. Then for those individuals that are mentally disabled or older than 60 it will be $60,000.