Maine Bankruptcy Laws

Federal filing fee for Chapter 7 bankruptcy. Fee waivers are available for qualifying low-income filers.

Federal filing fee for Chapter 13 bankruptcy.

You must complete credit counseling from an approved agency within 180 days before filing and a debtor education course before receiving a discharge.

Chapter 7 filers must pass a means test comparing their income to Maine’s median income to determine eligibility.

Protects up to $80,000 of equity in your primary residence (house, mobile home, co-op, or condominium). The exemption increases to $160,000 if you have minor dependents, are age 60 or older, or are physically or mentally disabled. Amounts are adjusted for inflation every 3 years.

Protects up to $10,000 of equity in one motor vehicle.

Protects household furnishings and appliances ($200 per item), clothing, tools of trade ($9,500 aggregate), jewelry ($1,000; wedding/engagement rings to $4,000), personal injury awards ($20,000), and cash/bank accounts ($3,000).

Retirement funds including IRAs, 401(k)s, and pensions are exempt up to $1,054,550 in aggregate. ERISA-qualified plans have additional federal protections.

Maine has opted out of the federal bankruptcy exemptions under 11 U.S.C. § 522(d). Filers must use Maine’s state exemptions as set forth in § 4422.