Maine Bankruptcy Laws

When it comes to property exemptions, the Maine bankruptcy laws allow you to use the federal supplemental exemptions, but you are not allowed to use the federal exemption set instead of your state exemptions. The Maine bankruptcy district courts are located at four places – Augusta, Bangor, Portland, and Presque Isle. The counties of jurisdiction include all the places of the state of Maine.

Properties Allowed To Be Exempted Under the Maine Bankruptcy Laws

Following are the specific ways in which the various types of properties exemptions have been defined under the Maine bankruptcy laws:

•If you are using any real or personal property as residence, the Maine bankruptcy laws allow you to get that property exempted under the homestead exemptions. However, you should also note that the amount in this regard must not exceed 12500 dollars.
•However, the Maine bankruptcy laws have also provided some privilege for people older than 60 or physically or mentally challenged. They are allowed to get properties up to sixty thousand dollars under the homestead exemptions.
•Additionally, the amount for the homestead exemptions will just go double in case a married couple is filing bankruptcy jointly.
•Annuity proceeds are allowed to be exempted under the insurance fund exemptions of Maine bankruptcy laws, but only up to the amount of 450 dollars per month.
•Other insurance fund exemptions include life, endowment, annuity or accident policy, proceeds or avails, fraternal benefit, society benefits, and disability or health proceeds, benefits or avails.
•Un-matured life insurance policy is also exemptible under the insurance exemptions, but it does not include credit insurance policy.
•Pension funds can also be exempted under the Maine bankruptcy laws, but only for Judges, State employees and Legislators. ERISA-qualified benefits are also considered for exemptions.
•One wedding and one engagement ring are exempted – no matter how expensive it is.
•You can also exempt the jewelry products, but the amount must not exceed 750 dollars in value.