If you are contemplating filing for personal bankruptcy, but fear that you will lose everything in the process, you need not fear any longer. The laws in Maine allow you to keep certain items of property when you seek to discharge debt under Chapter 7. An experienced and knowledgeable attorney can carefully explain what assets are exempt from liquidation, so that you can make an informed decision about whether or not bankruptcy is right for you.
At the office of attorney Perry O’Brian, we bring more than 26 years of personal and business bankruptcy experience to clients throughout the northern district of Maine. We have a comprehensive understanding of what you can keep in a Chapter 7 petition, as well as what debts you can permanently discharge. We strive at all times to make the process as simple as possible, and to make certain you fully understand your rights and options, so that you can make the right decisions to protect your future.
What Can I Keep in a Bankruptcy?
In a Chapter 7 bankruptcy filing, you are allowed to permanently discharge certain debts in exchange for the sale of some of your assets. The first concern many people have involves what property may be kept and what property must be sold. At our office, we will carefully explain the rules in Maine before you file, so that you can make an intelligent decision about whether bankruptcy is right for you.
The rules regarding what property is exempt from sale vary from state to state, but some of the exclusions in Maine include:
- Up to $46,500 per debtor for your home ($95,000 if you are over 60 or disabled)
- Up to $5,000 per debtor for a vehicle
- A $400 "wild card" for personal property of your own choosing
- Up to $200 per item for household goods and clothing
- $5,000 in tools of the trade
- Retirement plans and IRAs subject to certain limits
When you meet with us, we will conduct exemption planning before you file, helping you maximize the value of assets exempted from sale.
Contact the Law Office of Perry O’Brian
To learn more about your Maine bankruptcy exemptions, contact us online or call our office at 207-942-4697 (toll free at 877-900-9857). We offer installment payment plans for bankruptcy services, so that you can more effectively manage the expense. Our offices are easy to locate in downtown Bangor.