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Protecting your property during an Ohio bankruptcy

On Behalf of | Jan 17, 2017 | Chapter 7

Are you struggling with insurmountable debt but are worried you will lose everything if you decide to file for bankruptcy? Don’t let your fears stop you from getting the fresh financial start you desperately need – especially since you may be able to keep much of your property following the bankruptcy process.

In fact, by using Ohio’s bankruptcy exemptions, you can protect certain assets from bankruptcy proceedings – meaning you get to keep them after your personal bankruptcy is complete. However, there are certain limits to the amount of property you can protect from creditors. For instance, in 2017, the limits on the Ohio bankruptcy exemptions include:

  • $136,925 home(stead) exemption
  • $3,775 motor vehicle exemption
  • $475 cash exemption
  • $600 exemption on any individual household item or $12,625 aggregate exemption on all household items, including furnishings, clothes, books, etc.
  • $1,600 jewelry exemption
  • $2,400 exemption on profession tools and books
  • $1,250 wildcard exemption that can be used on any property

However, it is important to point out that these are merely of few of the many types of property that you can protect during an Ohio Bankruptcy. Also, we must mention that the exemptions listed above may change with inflation, which is one reason you should always consult with an experienced bankruptcy attorney should you have any questions.

A skilled lawyer can explain your rights and help you develop the best bankruptcy strategy available – one that will protect the most property and help you get the fresh start you need.