Credit Repair By Better Credit Reports Consulting

 

Maine STATE LAW

MAXIMUM WAGE GARNISHMENT ALLOWED:

– 25% of disposable income or up to 40 times the federal minimum wage, whichever is less

MAXIMUM INTEREST RATE:

– Legal: 8%
– Judgment: 15% (if less than $30,000; T–Bill rate if over $30,000)

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit cards): 6 years
– Written Contract: 6 years (plus 20 with attestment)
– Domestic Judgment: 20 years
– Foreign Judgment: 20 years

BAD CHECK LAW DAMAGES:

– Amount of check, court and collection costs.

tape recording

One party state

BANKRUPTCY PROPERTY EXEMPTIONS
(Main Revised Statutes Annotated):

– Cannot use federal exemptions, but can claim the federal non–bankruptcy exemptions
– The State of Maine has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real property:

– Real, co–op or personal property used a residence to $12,500; if debtor over age 60 or physically, mentally disabled, up to $60,000 and joint debtors may double exemption [4–4422(1)]

Personal property:

– Animals, appliances, clothing, books, furnishings and household goods, musical instruments and crops up to $200 per item [14–4422(3)]
– Automobile up to $2,500 [14–4422(2)]
– Food, enough to last six months [14–4422(7)A]
– Cooking / heating stove or furnace and fuel, unlimited amount and up to 10 cords of wood, 5 tons of coal or 1000 gallons of petroleum [14–4422(6)A and C]
– Health aids, unlimited amount [14–4422(12)]
– Jewelry up to $750, but unlimited amount for wedding and engagement rings [14–4422(4)]
– Business books, materials and stock up to $5,000 [14–4422(5)]
– Burial plot in lieu of real estate exemption [14–4422(1)]
– Lost earnings payments, unlimited amount [14–4422(14)E]
– Personal injury recoveries up to $12,500, but not for pain and suffering [14–4422(14)D]
– Tools, seeds, fertilizer, and equipment, amount needed to raise and harvest food for one season [14–4422(7)]
– Farm implements needed to harvest and raise crops, one of each type [14–4422(8)]
– Military uniforms, arms and equipment, unlimited amount [37–B–262]
– Wrongful death recoveries, unlimited amount [14–4422(14)B]
– Unused portion of real estate exemption up to $6,000 can be used for appliances, animals, books, clothing, furnishings and household goods, musical instruments, personal injury recoveries, crops and tools of trade [14–4422(15)]

Insurance / Annuities:

– Annuity proceeds up to $450 per month [24–A–2431]
– Fraternal society benefits, unlimited amount [24–A–4118]
– Life insurance policy, proceeds, or loan value up to $4,000 [14–4422(11)]
– Group health or life insurance policy or proceeds, unlimited amount [24–A–2430]
– Disability or health insurance proceeds, unlimited amount [14–4422(13)A and C; 24–A–2429]
– Life, endowment, annuity or accident policy / proceeds, unlimited amount [14–4422(14)C and 24–A–2428]
– Un matured life insurance policy, unlimited amount [14–4422(10)]

Pensions / Retirement Plans:

– Retirement benefits, unlimited amount [14–4422(13)E]
– Judges, legislators and state employees, unlimited amount [3–703, 4–1203 and 5–17054]

Public Benefits / Entitlements:

– Social Security, unlimited amount [14–4422(13)A]
– Crime victims compensation, unlimited amount [14–4422(14)A]
– Unemployment compensation, unlimited amount [14–4422(13)A and C]
– Aid to needy and needy families, unlimited amount [22–3180 and 22–3766]
– Veterans benefits, unlimited amount [14–4422(13)B]
– Workers compensation, unlimited amount [24A–2431]

Wages:

– None.

Miscellaneous:

– Boat used in commercial fishing up to five tons [14–4422(9)]