Maine Homestead Exemption
Real or personal property (including cooperative) used as residence to $47,500; if debtor has minor dependents in residence, to $95,000; if debtor over age 60 or physically or mentally disabled, $95,000 (joint debtors in this category may double); proceeds of sale exempt for six months
NOTE: Residency Requirement Caps Maximum Homestead at $160,375 if you've recently moved to a State that allows more than that
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
Federal Non-Bankruptcy Homestead Exemptions (available in every State)
These are exemptions under federal law, and not part of the bankruptcy code, so states cannot "opt out" from these exemptions.-
US Bankruptcy Code § 522(d) Homestead Exemption
Can a Maine debtor use the Federal Bankruptcy exemptions instead of Maine exemptions?
No. Me. Rev. Stat. Ann. tit. 14, § 4426.
The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if
- you haven't lived in any state longer than 180 days for a while,
- if your state allows the Federal exemptions as a choice.
Home Valuation tool
Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)