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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