Ohio Bankruptcy Attorneys will often tell you that you don’t have to give up any property that you want to keep when you file for Chapter 13 bankruptcy. This is, for the large part, true thanks to the Ohio bankruptcy exemptions, which are designed to protect certain property from being sold by the bankruptcy trustee. Because the vast majority of individuals own household goods and furniture, even if they don’t own a home or an automobile.
Household Goods and Furnishings Exemption
Using the generous Ohio bankruptcy exemptions, you can protect $575 per item in wearing apparel, household goods and furnishings, and appliances up to a total of $12,250. This number increases every so often to account for the rise in the cost of living, but typically covers the replacement value of the majority of household goods. Have more goods and furnishings than this? You can use the Ohio wildcard exemptions, which isn’t available in every state, to protect any assets. In Ohio, the wildcard exemption is worth $1,225 to be applied to any class of assets you need additional coverage on.
Exempt Property in Ohio
When filing Chapter 13 bankruptcy in the state of Ohio, an exemption exists for most things such as your household, motor vehicle, cash and bank deposits, tools of the trade, and tax-exempt retirement accounts. This means that not only can you eliminate your legal obligation to pay back certain debts, but you also keep all, or the majority, of your personal and real property.
Have a Bankruptcy Strategy
Bankruptcy may seem cut and dry, but each case is different in addition to, there were many decisions to make. These include what you choose to exempt and which chapter of bankruptcy that you file. A bankruptcy attorney can help advise you of issues that may arise in your bankruptcy and how to properly value your household goods.