No one starts a business thinking it will fail and they will end up researching filing for bankruptcy in Maine. Things however do change, and there may come a time when exercising your bankruptcy options in Maine becomes the best course of action for yourself and your business.

Before you make a decision about filing for bankruptcy, learn all you can about bankruptcy law. Maine bankruptcy law isn't as generous as some states. Understand what the ramifications will be to your life and your business when filing for bankruptcy in Maine. Before filing for bankruptcy, keep in mind the following

1. Know what you’re going to do with your life and business once the bankruptcy is complete.
2. Take note on how filing for bankruptcy in Maine is going to affect life going forward--from getting credit to starting a new business.
3. Analyze the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.
   

Action Steps
The best contacts and resources to help you get it done

Know the exemptions you have under Maine bankruptcy laws

You should know the exemptions you have available under Maine bankruptcy laws. Take special notice of homestead exemptions, exemptions regarding pay and pensions and other retirement funds since these are the ones that are to have the most impact on your life.

I recommend: Personal Bankruptcy Information has a chart with all of the available exemptions in Maine and links to other Maine bankruptcy law information, such as the needed forms and Maine bankruptcy courts. The Bankruptcy Site also has a page that covers the available exemptions in Maine as well a host of other Maine bankruptcy information.

Understand process of business bankruptcy in Maine

Filing for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. With the changes, it is much harder to file for Chapter 7 bankruptcy protection. Take the time to understand what the new process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.

I recommend: Learn about the Maine bankruptcy process with an easy to understand explanation at Lawyers.com. Maine Bankruptcy.com has detailed information on the bankruptcy process from the type of filings that are available to the Maine bankruptcy courts throughout the state.

Hire a good Maine bankruptcy attorney to get you through the process

Maine bankruptcy lawyers are a necessity when filing for bankruptcy. There are plenty of high quality Maine bankruptcy attorneys to choose from. Find one that is a good fit for you and your business.

I recommend: Maine Bankruptcy Lawyers.com has a wealth of information on Maine bankruptcy attorneys, and it offers a search that allows you to get a free consultation from a bankruptcy attorney in your area. Barry E. Schklair is a Maine bankruptcy lawyer that can help you with your bankruptcy filing.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find out whether state of Maine bankruptcy laws allow you to file jointly with you spouse. If so, talk to your lawyer and see if it is in your best interest to file jointly or on your own.