If you are contemplating filing for personal bankruptcy but fear that you will lose everything in the process, you need not fear any longer. Maine’s laws allow you to keep certain items of property when you seek to discharge debt under Chapter 7.
An experienced, knowledgeable attorney can carefully explain what assets are exempt from liquidation so you can make an informed decision about whether bankruptcy is right for you. At the office of attorney Perry O’Brian, we bring more than 36 years of personal and business bankruptcy experience to clients throughout Maine’s northern district.
We have a comprehensive understanding of what you can keep in a Chapter 7 petition and what debts you can permanently discharge. We strive to make the process as simple as possible. We make certain you fully understand your rights and options so you can make the right decisions to protect your future.
What Can I Keep in a Bankruptcy?
In a Chapter 7 bankruptcy filing, you can 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 must be sold.
At our office, we carefully explain Maine’s rules before you file so 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.
Some 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 conduct exemption planning before you file, helping you maximize the value of assets exempted from sale.