Can I Use Federal Non-bankruptcy exemptions in Ohio?

Bankruptcy Attorney Dayton, Oh

You may or may not be aware that when you file for bankruptcy in Dayton, OH or any other city in Ohio for that matter that you cannot use Federal bankruptcy exemptions when filing either Chapter 7 or Chapter 13 bankruptcy. Instead, you must you the Ohio state bankruptcy exemptions which, in themselves have several advantages. One such advantage of using Ohio bankruptcy exemptions is that you have an additional list of exemptions that may be available to you that can eliminate additional assets from being subject to your bankruptcy estate.

Normal Ohio Bankruptcy Exemptions

Even though Federal bankruptcy exemptions aren’t available when you file bankruptcy in Ohio, the state’s exemptions are still gratuitous and also allow a married couple to “double” their exemptions when filing jointly. Common Ohio bankruptcy exemptions include $136,925 in homestead exemptions to be put towards real property, $3,775 in automobile exemptions, $12,625 in household goods, furnishings, and appliances and $1,250 in wildcard exemptions which can cover anything. There are many more exemptions, so ensure you talk with your Dayton bankruptcy attorney about these.

Federal Nonbankruptcy Exemptions

Federal Nonbankruptcy exemptions are additional exemptions that you can use when using your state’s exemptions. Because of these, it’s rare that consumers must give up any of their property that they want to keep during a Chapter 7 or Chapter 13 bankruptcy case. Federal Nonbankruptcy exemptions include retirement benefits for civil, foreign, and military service employees. They also cover social security benefits and veteran’s benefits.

Additionally, these nonbankruptcy exemptions available to Ohio bankruptcy filers include survivors benefits for the families of military, judicial, and lighthouse service workers, and death and disability benefits for government employees, harbor workers, and compensation from war, risk, hazard, death, and injury cases.

Contact a Bankruptcy Lawyer in Dayton

If you’re struggling with debt, you shouldn’t have to. The US Bankruptcy Code was enacted by Congress in order to help everyday people seek relief from debilitating debt. Contacting a bankruptcy attorney in Dayton, OH or closer to where you live will allow you to consult a legal expert who can help you use the legal system to legally eliminate your obligation to pay back debt while keeping the majority or all of your wages, benefits, and other assets.

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