Bankruptcy and Exempt Property
Cincinnati-Area Attorneys Helping People Throughout Ohio Understand Their Property Rights in Bankruptcy
Following some notorious bankruptcy filings, many people are wondering “How safe would my property be if I filed for personal bankruptcy?” Before you make a decision whether to pursue bankruptcy protection, it is important that you understand how much, if any, property you would likely lose in bankruptcy proceedings.
Because the Bankruptcy Code and state laws permit debtors to claim certain property as exempt, the majority of individuals and families who file for bankruptcy get to keep all, or almost all, of their belongings. In bankruptcy, exempt property cannot be reached by creditors and used to satisfy a debt and is retained by the filer even when debts are fully discharged.
Ohio’s bankruptcy exemptions laws are designed to help people protect their property, not lose it. The exemptions provided by Ohio law are normally more than sufficient to protect assets such as equity, cars, personal possessions and household goods. In fact, in late 2008, Ohio bankruptcy exemptions were increased. For example, home equity exemptions were increased more than four-fold to $20,200 per individual or $40,400 for a married couple. Read here about a successful annuity exemption case our firm handled.
Exemptions are handled on a case-by-case basis. For definitive answers regarding exempt property in your bankruptcy, contact us for a no-charge initial consultation.
For effective bankruptcy legal help and considerate, responsive client services, contact Minnillo Law Group Co., LPA. We provide free initial consultations and charge affordable, competitive rates. To schedule a free initial consultation with a bankruptcy lawyer at Minnillo Law Group Co., LPA, call 513.723.1600 or contact us online.
We have five convenient offices with free parking to serve you. Evening and weekend appointments available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.