If you are sued for a debt, the “equity” in property you own may be protected from the creditor or judgment creditor.
The “equity” in your home is the value of the home minus the balance due on the mortgage or home equity loan.
The “equity” in your vehicle is the value of the vehicle minus the balance due on the vehicle loan.
Maine law allows persons age 60 and older to have up to $160,000 of equity in their primary residence. Debtors of any age are entitled to have up to $10,000 of equity in one vehicle. To find out if your assets are protected or if you need help getting a lien removed from your property, please call the Legal Services for the Elderly Helpline at 1-800-750-5353.
