Through the history of our practice, the attorneys at Rauser & Associates Legal Clinic LLP have guided tens of thousands of clients through the process of filing Chapter 7 or Chapter 13 bankruptcy. When you have questions regarding exempt property, do not hesitate to seek an experienced, professional law firm solely dedicated to guiding people through bankruptcy.
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A significant number of people are hesitant to file for bankruptcy for fear of losing their property and assets. In many instances, creditors can attempt to seize and liquidate assets to pay a portion of the remaining debt. Fortunately, the government provides exemptions to protect certain assets or collections. A knowledgeable Ohio bankruptcy exemptions lawyer can thoroughly explain your legal options.
Exempt Property And Assets In Ohio Bankruptcies
Often, individuals can choose between the federal bankruptcy exemptions or the exemptions allowed by their state. Ohio, however, has a specific list of exemptions (from Ohio Revised Code Section 2329.66):
- Household furnishings and belongings
- Residential real estate
- Motor vehicles
- Cash on hand or in bank accounts
- Jewelry
- Awards for personal injury
- “Wildcard” protecting any other item of property
Each of these categories is assigned a specific dollar figure. If the assets fall within that value, they can be exempted from liquidation. These amounts are frequently revised so it is crucial that you work with an experienced attorney to ensure that you are taking advantage of the generous exemptions provided to you.
Contact Rauser & Associates Legal Clinic LLP For More Information
If you have further questions about what assets are exempt from liquidation in bankruptcy, contact any of our convenient Ohio offices by calling 888-843-5787. Offices in Columbus, Cleveland, Akron, Youngstown, Canton and throughout Ohio. Someone is available six days a week to discuss your options.
