Maine has a two tiered homestead exemption law. A homeowner who has dependents under the age of 18 living in the home may claim up to $70,000 in a homestead exemption. If the homeowner does not have minor dependents living in the home then the exemption is limited to $35,000.
A homeowner who is able to make regular mortgage payments and does not have significantly more equity in the home than that which is allowed by the state homestead exemption law is likely to keep his or her home in a bankruptcy proceeding.
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