Maine's homestead exemption protects how much equity in a primary residence from creditors?
Correct Answer
B) Up to $47,500 of equity in the primary residence
Under Maine law (14 M.R.S. § 4422), the homestead exemption protects up to $47,500 of equity in a debtor's primary residence from creditor claims. This amount increases to $95,000 for homeowners who are 60 years of age or older, or who are physically or mentally disabled. The exemption applies only to a primary residence and does not extend to commercial properties or rental properties. Note: exemption amounts are subject to legislative change and should be verified against current Maine statute.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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