What Creditors Can't Take in Maine
Money, home and vehicle exemptions that protect your property from creditors in Maine.
Short answer: Up to $3,550 in cash or bank and other financial accounts is exempt (statute text says $3,000; adjusted for inflation by the Supreme Judicial Court effective October 24, 2024). 14 M.R.S. § 4422(17); SJC Administrative Order JB-24-02
| Money protected in a bank account | Up to $3,550 in cash or bank and other financial accounts is exempt (statute text says $3,000; adjusted for inflation by the Supreme Judicial Court effective October 24, 2024). An account owner may file an ex parte motion in the court that entered the judgment for a hearing on how the exemption applies. Statute: https://legislature.maine.gov/statutes/14/title14sec4422.html. Exemption amounts are adjusted by the Northeast CPI every 3 years. |
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| Homestead exemption | $94,300 in a residence the debtor or a dependent lives in; $188,550 if minor dependents live with the debtor, or if the debtor or a dependent is 60 or older or disabled and unable to work. Joint owners are capped by their fractional share. A debtor's principal residence is fully exempt from attachment and execution for medical debt. Statutory amounts before the 2024 inflation adjustment were $80,000 / $160,000 (joint-owner multiplier $240,000, adjusted to $282,800). Statute: https://legislature.maine.gov/statutes/14/title14sec4422.html. The exemption does not apply to judgments for torts beyond ordinary negligence. |
| Vehicle exemption | $11,800 in one motor vehicle (statute text says $10,000; adjusted for inflation effective October 24, 2024). Statute: https://legislature.maine.gov/statutes/14/title14sec4422.html |
| Bankruptcy exemptions | Maine is an opt-out state: debtors in bankruptcy must use Maine's exemptions (plus non-bankruptcy federal exemptions), not the federal bankruptcy exemption list. Source: 14 M.R.S. § 4426 |
More Maine debt & collections
- Statute of Limitations on Debt in Maine
- Wage Garnishment in Maine
- How to Respond to a Debt Collection Lawsuit in Maine
- Medical Debt Protections in Maine
- All Maine debt & collections rules
FAQ
How much money in a bank account is protected from creditors in Maine?
Up to $3,550 in cash or bank and other financial accounts is exempt (statute text says $3,000; adjusted for inflation by the Supreme Judicial Court effective October 24, 2024). An account owner may file an ex parte motion in the court that entered the judgment for a hearing on how the exemption applies.
What is the homestead exemption in Maine?
$94,300 in a residence the debtor or a dependent lives in; $188,550 if minor dependents live with the debtor, or if the debtor or a dependent is 60 or older or disabled and unable to work. Joint owners are capped by their fractional share. A debtor's principal residence is fully exempt from attachment and execution for medical debt.
Can a creditor take my car in Maine?
$11,800 in one motor vehicle (statute text says $10,000; adjusted for inflation effective October 24, 2024).
Which bankruptcy exemptions can I use in Maine?
Maine is an opt-out state: debtors in bankruptcy must use Maine's exemptions (plus non-bankruptcy federal exemptions), not the federal bankruptcy exemption list.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.