Maine Bankruptcy Lawyers
Bankruptcy may help you get control of your debt
If your debt is out of control you may feel like you're out of options. However, bankruptcy may be able to help you stay in your home, clear your debts and achieve a full financial recovery.
Maine's bankruptcy laws are designed to provide debt relief that makes a difference. Secured by the laws, many people find bankruptcy to be a safe way to get control of their debt and get their lives back on track.
Find out how bankruptcy may be able to help you during a free case evaluation with a Maine bankruptcy lawyer. Simply complete the form on this page or call, toll free, 877-833-2410 and we'll connect you right away.
Personal Bankruptcy Options in Maine
The laws in Maine provide you with several options for personal bankruptcy. The two most common types are Chapter 7 and Chapter 13. These are simply two roads to the same destination: A debt free life.
Each chapter works in different ways for people with different needs. For example, Chapter 13 works by combining, ordering, sometimes reducing and securing debt related to your home mortgage, car loan, credit cards, medical bills and more. Then, while the automatic stay puts a freeze on all collection efforts included in the filing - including foreclosure and repossession - you'll make regular secure payments to a court trustee.
After a few years, all of your debts included should be fully resolved and you'll be ready to get on with your life.
If you need more immediate relief or don't have the regular income to make a monthly payment then Chapter 7 bankruptcy may be a better fit.
Chapter 7 may be used to eliminate debt relating to credit card, medical bills, personal loans and more. It's typically the fastest form of bankruptcy and often may be completed in only a few months. Also, you won't need to make any regular payments or pay down a percentage of your debt.
And while Chapter 13 has the strongest protections for property, you may be able to use the Chapter 7 exemptions to secure your home, car and other important pieces of property. Exemptions outline the types and amounts of property fully protected from a forced. These laws are the reason there is almost never any property sale of any kind during a Chapter 7 case in Maine.
Chapter 7 exemptions in Maine include:
- Homestead: Residential property up to $47,500; Up to $95,000 if your minor dependents live in the home, are 60 years or older, or disabled
- $5,000 for a vehicle
- $750 worth of jewelry
- $5,000 for trade tools
- All furnaces, stoves, fuel and farming equipment
- Clothing, appliances, furniture and similar items worth up to $200 per item
To fully understand how the Maine Chapter 7 exemptions apply to you speak with a local bankruptcy lawyer.
Main Bankruptcy Lawyers are Here to Help
To fully understand how bankruptcy works and how it might help you, speak with a local attorney.
During your free case evaluation with a Maine bankruptcy lawyer you can ask questions about the laws and how they apply to your case. Your lawyer may take you through the process step by step. You may also discuss your goals - like staying in your home or wiping out credit card debt completely - and how to best achieve them.
Complete the form on this page or call, toll free, 877-833-2410, to get your free case evaluation with a Maine bankruptcy lawyer. Get answers, and get started on a new life today.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.