Bankruptcy Exemptions

Ohio Bankruptcy Exemptions

Protecting Your Assets in Bankruptcy

When you file for bankruptcy, you may be concerned about what will happen to your property. You may be worried that you will lose your home, your car, or other valuable assets. Fortunately, bankruptcy law allows you to protect certain property from being sold to pay your creditors. These are called bankruptcy exemptions.

At Van Ness Law, we understand that you may be going through a difficult time. Our Ohio bankruptcy exemptions attorney is here to help you understand your rights and options. We can help you determine which bankruptcy exemptions you qualify for and how to protect your assets.

For more help regarding bankruptcy exemptions in Ohio, call (440) 650-1787 or contact us online.

What Are Bankruptcy Exemptions?

Bankruptcy exemptions are laws that allow you to protect certain property from being sold to pay your creditors. In other words, you can keep the property that is exempt from being sold. The property that is not exempt is called nonexempt property. Nonexempt property is sold by the bankruptcy trustee, and the proceeds are used to pay your creditors.

Bankruptcy exemptions are important because they allow you to keep the property you need to work and live. Without bankruptcy exemptions, you would lose everything you own when you file for bankruptcy.

Bankruptcy exemptions are not automatic. You must claim the exemptions you are entitled to. If you do not claim the exemptions, the bankruptcy trustee will assume that you are giving up your right to the exemptions. This is why it is important to work with an experienced bankruptcy exemptions attorney who can help you protect your property.

What Property Can I Keep in Bankruptcy?

Bankruptcy exemptions are different in each state. Some states allow you to choose between the state exemptions and the federal exemptions. In Ohio, you must use the Ohio bankruptcy exemptions. You cannot use the federal bankruptcy exemptions.

Ohio bankruptcy exemptions allow you to protect the following property:

  • Homestead
  • Motor vehicle
  • Cash
  • Household goods
  • Jewelry
  • Claims for personal injury
  • Life insurance
  • Burial plots
  • Tools of the trade
  • Workers’ compensation
  • Unemployment benefits
  • Retirement accounts
  • Wildcards

This is a summarized list that does not contain the full details of Ohio's Chapter 7 bankruptcy exemptions. These exemptions are also subject to change. Consulting an attorney is the best way to stay up-to-date with these changes.

How An Ohio Bankruptcy Exemptions Attorney Can Help

The state of Ohio's bankruptcy exemptions can be complicated to understand and properly utilize. An experienced attorney can explain the law in detail and identify any potential issues that you may have with your situation.

The right lawyer can guide you through the process and make sure that your rights are protected. They can also help you to navigate the court system efficiently so that you can get the best result possible.

Finally, a knowledgeable attorney can provide advice on how to manage your debt, rebuild credit, and other important matters related to bankruptcy. Working with an experienced attorney is likely the best way to ensure that you get the fresh start you need. 

If you are considering filing for bankruptcy in Ohio, be sure to consult with Van Ness Law. Our attorney will provide the legal guidance and support that you need throughout the process. 

Don't hesitate to reach out today at (440) 650-1787 - your financial future depends on it!

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