Can I keep my tools in bankruptcy is a fairly common question when conducting a credit counseling or Ohio bankruptcy consultation. If you are employed in an occupation that requires tools you’ll be glad to know that the US Bankruptcy Code has provisions that will allow you to keep some or all of your tools that you need to continue working. Ohio bankruptcy exemptions are a specific set of criteria, complete with dollar value amount, which is used to protect your property from being added to your bankruptcy estate for liquidation in a Chapter 7 bankruptcy or a paying the value back to lien holders in a Chapter 13 bankruptcy case. Let’s take a closer look at these bankruptcy exemptions and find out how to keep your tools in bankruptcy.
Tools of the Trade Exemption
Tools of the trade consist of property you own that falls into the category of equipment, implements, are tools that you use to conduct your business or trade. Because Congress and many states foresaw the need to keep these necessary items to earn income during and after a bankruptcy, the included tools of the trade exemptions when enacting bankruptcy laws.
Tool Exemptions in Ohio Bankruptcy
Most tools of the trade exemptions range from $1500 to $2500 worth of tools to be excluded from the bankruptcy estate, however some allow for a significantly larger amount. In Ohio bankruptcy exemptions specifically, you can exempt $2400 of value in tools of the trade as of 2018. Filing a joint bankruptcy in Dayton, OH? You can actually double your exemptions by filing jointly with a spouse under Ohio bankruptcy exemption rules.
Get Bankruptcy Help
As a board certified Ohio bankruptcy specialist, as well as, a certified credit counselor, a certified debt arbitrator, and a certified student loan counselor, I help individuals escape debt will keeping the maximum amount of property. To do so, it’s important to talk to an Ohio bankruptcy attorney before filing bankruptcy to make sure you understand the legal implications. We’ve helped thousands of Ohioans get a fresh financial start, and are ready to help you with your debt problems as well.