When you file for bankruptcy you are working to balance your debts and your ability to repay them. A concern people often have is how property in bankruptcy is handled. In both Chapter 7 and Chapter 13 filings you have rights to keep your property. Much of your essential property is protected from liquidation under provisions of the Federal or State exemption laws.
Each state carries its own version of the federal bankruptcy exemption laws, offering a wider range of protection in many cases. In Ohio, consumers cannot claim property under the federal exemption law and must claim under Ohio exemption laws instead. This actually works in your favor because Ohio’s laws are bit more lenient than the federal exemption standards.
The application of Ohio bankruptcy exemption laws is unique to each filer and their financial profile. In order to maximize the protection of your property in bankruptcy it is important to have one of our attorneys review your situation. We can help you keep as much of what is yours as possible. Call us at (937) 748-1749 to schedule a FREE consultation to examine your options or you can contact us with any questions.
We have also provided you with some information about property in bankruptcy in the videos below to help answer some of your introductory questions: