If you're considering Chapter 7 bankruptcy, you're probably seeing flashes of old movie scenes where a formerly successful person goes bankrupt. Hollywood usually depicts these scenes with images of movers coming into the house and taking away all of the person's possessions. Usually, they're just left with the clothes on their back.
When individuals decide to file for bankruptcy, they may face a myriad of emotions as a result. Though bankruptcy can be a frustrating process and the prospect of a temporary credit score dip can be scary, filers also often find relief in knowing that certain assets are almost always protected during the process and will remain intact. Unfortunately, interpretation of bankruptcy law can vary from jurisdiction to jurisdiction. This inconsistency can make it difficult for bankruptcy filers to know just what to expect from the process.
Many people believe that filing for bankruptcy means that you have to give up your most prized possessions. This is, however, not the case. Bankruptcy law allows debtors to take exemptions, which offer certain property some protections from the bankruptcy process. Many of those filing for bankruptcy in Ohio are especially concerned with the homestead and personal property exemptions available to them.