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The do it yourself approach remains highly popular in many routine
legal matters. Yet a new federal law raised the stakes when filing
Chapter 7. In particular, qualification for Chapter 7 and claiming the
Maine bankruptcy exemptions has become unduly complex under the new
means testing statute which incorporates Maine median income as a
standard by which all state residents are judged. Also, for the property
exemption to be effective and protect personal assets, each item must be
described, listed individually, and cite an appropriate section of the
Maine Property Code law.
When deciding if the cost of accurate legal advice provided by a
Maine bankruptcy lawyer is justified by the value of your personal
assets, compare the risks associated with the do it yourself bankruptcy
option. One negligent mistake, and your home, car and retirement
accounts could be lost.
See also: Maine Homestead Exemption.
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